From Opportunity cost point of view. Although attending college is expensive, time-consuming, and requires effort, but people decide to attend college. Explain why?

Q: Use your own example to explain the reason why, in the real world, business firms and societies face…

A: Opportunity cost is calculated as what is sacrificed divided by what is gained. The law of…

Q: Explain the concept of opportunity costs and provide at least two real world examples illustrating…

A: The opportunity cost is the next best alternate which is given up.

Q: Scarcity means that

A: Human wants are unlimited, and the resources to satisfy these needs are limited. This limitation in…

Q: “All problems in economics are about scarcity, that is, about how to use given resources for…

A: Introduction '' all problem in economics are about scarcity, that is, about how to use given…

Q: The only way that a society can produce outside the production possibilities curve is Question 9…

A: Production possibilities frontiers are used to represent the trade-off that occurs between the…

Q: True or False Opportunity costs are roughly the same for everyone who attends college.

A: To define opportunity cost, it means the value of the next best alternative good of that resource.…

Q: Define, describe and illustrate with an example the opportunity cost for a person setting up his own…

A: The possible reward that a consumer, entrepreneur, or organization loses out because of preferring…

Q: The fact that human wants cannot be fully satisfied with available resources is called the problem…

A: According to the given question The fact that the human wants cannot be fully satisfied with the…

Q: Some college students have claimed that because their incomes will be higher as a result of…

A: The opportunity cost is the benefits of next best alternative that is sacrificed. The attending…

Q: Define opportunity cost in three (3) words/phrases and explain why

A: Opportunity cost is forgone best alternative choice.

Q: What is an real-life example of a opportunity cost?

A: Opportunity cost: - opportunity cost is a forgone benefit which we could have earned by applying all…

Q: What is your opportunity cost of taking this course at Berkeley College? How does the role of…

A: Opportunity cost refers to the next best alternative for use of a resource. The one a person…

Q: Which of the following are statements illustrate opportunity cost? Select ONLY THOSE THAT APPLY.…

A: "Opportunity cost refers to what is sacrificed when the other thing is chosen over another."

Q: How does the concept of opportunity cost apply to personal decisions when you have limited income…

A: Opportunity Cost : The opportunity cost is referred as a forgone benefit that would have been…

Q: Which of the following statements is true of scarcity? A. Scarcity only effects developing…

A: Scarcity: - it is the very basic problem of economics that is related to the limited availability of…

Q: Is it true or false for each part. Part A. The negative slope of a production possibilities…

A: A production possibility frontier is the graph which indicates the various production possibilities…

Q: You can either spend spring break working at home for $80 per day or go to Florida for the week.  If…

A: Opportunity Cost is the cost of next best alternative. Opportunity Cost is when in making a decision…

Q: Every society faces​ trade-offs because we live in a world of scarcity. Suppose a​ student-athlete…

A: Opportunity cost is defined as the foregone opportunity while selecting the first best alternative…

Q: Identify the types of opportunity cost that people often undervalue,and explain why undervaluing…

A: Opportunity cost is equal to the value of the next best alternative foregone. In other words, the…

Q: In a world of scarcity, it is impossible to: A. Satisfy all basic human needs B. Meet all of…

A: Scarcity: It means limited availability of goods and services.

Q: Can the practice of reusing help us tackle the problem of scarcity? Discuss briefly.

A: The problem of scarcity is the gap between limited resources and unlimited wants. If demand for any…

Q: Every society faces​ trade-offs because we live in a world of scarcity. Suppose a​ student-athlete…

A: Opportunity cost is defined as the benefits an individual, business, or investor forgoes when he/she…

Q: Suppose your friend ask you to go watching a movie while you are studying for an examination. what…

A: Answer: Opportunity cost is the cost that arises due to the sacrifice of the benefit that could have…

Q: “Scarcity is the fundamental problem that every nation in this world faces.”  What do you mean by…

A: Economic decisions are those decisions in which people will choose what to do with limited…

Q: D 40 60 80 100 Grade on Accounting exam a. Mark a point "A" where the opportunity cost of studying…

A: A production possibility frontier (PPF) shows the maximum possible output combinations of two goods…

Q: Whether the statement, 'A nonrefundable cash outlay (e.g., money spent on a passport) is an example…

A: The term opportunity cost implies that the next best option forgone

Q: Explain how scarcity affects the factors of production.

A: scarcity is the point at which an asset is totally gone or is coming up short. at the point when…

Q: Explain why scarcity leads to tradeoffs

A: In economics a fundamental concept is that of scarcity. Contrary to its colloquial use, economic…

Q: What is the opportunity cost of going to university? the total spent on food, clothing, books,…

A: The Opportunity Cost(OC)shows the possible benefits an individual, firm, or investor misses out on…

Q: mya and donovan produce two goods in an 8 hour day.Mya can produce 10 capital or 55 consumables and…

A: The opportunity cost of capital refers to the cost by which a person gets to choose between two or…

Q: What is the Opportunity cost give only three Applications of the opportunity cost? Thank you

A: According to the given question opportunity cost is simple words we can say that it is the cost of…

Q: or each of the following, identify the opportunity cost involved: ⦁ Harry went to the club the…

A: Opportunity cost, in economics, represents the potential benefits that one has to give up while…

Q: What is the difference between opportunity cost and trade-off? Please explain.

A: Opportunity cost:- Opportunity cost denotes the value of the best choice that you give up. It can be…

Q: If your tuition is $25,000 this semester, your books cost $1,500, you can only work 20 rather than…

A: Opportunity cost is the cost of all the benefits from one decision that are forgone for some…

Q: when we choose to go to college, we have to give up the salary that we should be able to get if we…

A: Opportunity Cost is the cost of foregone alternative. It is the cost of the alternative that is not…

Q: According to our reading, what does the term Creative Destruction mean? Multiple Choice None of the…

A: Destruction: It means the act of demolishing something.

Q: True/False (1) People face identical opportunity costs when making decisions (2) Opportunity costs…

A: Opportunity cost is the amount of Income thay can be generated if an activities is not rejected to…

Q: How does opportunity cost relate to problem of scarcity

A: Scarcity means that the demand for a good or service is greater than the availability of the good or…

Q: What is Economic System? And what system is the best system your community will use and implement to…

A: The economics as a study is based upon the idea that the resources which are present with the…

Q: Real life example of scarcity forces tradeoff

A: Wants are unlimited but the resources to fulfil those wants are limited. This causes scarcity which…