« previous next »

Author Question: Explain what is meant by the term opportunity cost. What will be an ideal ... (Read 85 times)

asmith134

  • Hero Member
  • *****
  • Posts: 576
on: Jun 29, 2018
Explain what is meant by the term opportunity cost.
 
  What will be an ideal response?

Question 2

In economics, activities done for others, such as providing house cleaning or dental work, are referred to as
 
  A) services. B) physical capital. C) technology. D) goods.
Macroeconomics: Principles, Applications and Tools ¦ O'Sullivan, Sheffrin, Perez ¦ 7th Edition
Buy Test-Bank


nixon_s

  • Sr. Member
  • ****
  • Posts: 359
Reply #1 on: Jun 29, 2018
Answer to Question 1

The opportunity cost of something is measured by the next best alternative that we forgo, or give up, when we make a choice or a decision.

Answer to Question 2

A


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Though Candida and Aspergillus species are the most common fungal pathogens causing invasive fungal disease in the immunocompromised, infections due to previously uncommon hyaline and dematiaceous filamentous fungi are occurring more often today. Rare fungal infections, once accurately diagnosed, may require surgical debridement, immunotherapy, and newer antifungals used singly or in combination with older antifungals, on a case-by-case basis.

Did you know?

Though “Krazy Glue” or “Super Glue” has the ability to seal small wounds, it is not recommended for this purpose since it contains many substances that should not enter the body through the skin, and may be harmful.

Did you know?

Every flu season is different, and even healthy people can get extremely sick from the flu, as well as spread it to others. The flu season can begin as early as October and last as late as May. Every person over six months of age should get an annual flu vaccine. The vaccine cannot cause you to get influenza, but in some seasons, may not be completely able to prevent you from acquiring influenza due to changes in causative viruses. The viruses in the flu shot are killed—there is no way they can give you the flu. Minor side effects include soreness, redness, or swelling where the shot was given. It is possible to develop a slight fever, and body aches, but these are simply signs that the body is responding to the vaccine and making itself ready to fight off the influenza virus should you come in contact with it.

Did you know?

Asthma occurs in one in 11 children and in one in 12 adults. African Americans and Latinos have a higher risk for developing asthma than other groups.

Did you know?

The human body produces and destroys 15 million blood cells every second.

The Hippocampal Formation and Long-Term Potentiation The Hippocampal Formation and Long-Term Potentiation
Draw and label a diagram and explain how a factor-dependent transcription (rho-dependent) terminator Draw and label a diagram and explain how a factor-dependent transcription (rho-dependent) terminator
First-Pass Effect: Oral Drug Is Metabolized to an Inactive Form Before It Has an Opportunity to ... First-Pass Effect: Oral Drug Is Metabolized to an Inactive Form Before It Has an Opportunity to ...
Cost of Copying for the Follower Country Cost of Copying for the Follower Country
Flexible exchange rates are supposed to prevent long-term trade deficits. Flexible exchange rates are supposed to prevent long-term trade deficits.
No payments were made on a $2,598 loan during its three-year term. What was the annually ... No payments were made on a $2,598 loan during its three-year term. What was the annually ...
Video: Apicomplexan life cycle Animation

For a complete list of videos, visit our video library