Question: Explain the following statement... Every Choice Made in Life has an Opportunity Cost

Explain the following statement...

"Every Choice Made in Life has an Opportunity Cost"

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Q:

A hollow sphere with inner and outer radii of R1 and R2, respectively, is covered with a layer of insulation having an outer radius of R3. Derive an expression for the rate of heat transfer through...

Q:

Assignment ., essay where you explain the point of view of an economic topic presented to you and whether you agree with this choice or not. The following elements of the economic perspective should...

Q:

two (2) a. Explain the following in not more than half a page i. Opportunity cost. ii. Production possibility frontier. iii. scarcity b. Using an appropriate diagram, explain how the production...

Q:

Help me solve Unit 2 - Small Business 2 Congratulations! You are opening an airport (because why not) warUse a production possibilities curve to explain the concepts of: E.06 Choice Growth...

Q:

Consider the following statement: "The internal rate of return measures the opportunity cost associated with an investment if and only if there is no debt". Is this statement true or false? Explain...

Q:

I. MULTIPLE CHOICE: Choose the correct answer. (1 point each) 1. The Income Approach to Calculating GDP includes... a. All spending on final products in the year b. All Income made from selling all...

Q:

Need answer with exp please 134) A normative statement is 134) A) about what is. B) about what ought to be. C) one that does not use the ceteris paribus clause. D) always true. 135) Which of the...

Q:

Hello I need help with an article review. Just one page of an article review. Anyone ready to help? \fJournal of Defense Resources Management No. 1 (1) / 2010 NET PRESENT VALUE SIMULATING WITH A...

Q:

Hello please refer to part 4 from the question paper I have attached the past student work for your reference just have to follow the format if you feel comfortable with I have attached the necessary...

Q:

Hello please refer to part 4 from the question paper I have attached the past student work for your reference just have to follow the format if you feel comfortable with I have attached the necessary...

Q:

Hello please refer to part 4 from the question paper I have attached the past student work for your reference just have to follow the format if you feel comfortable with I have attached the necessary...

Q:

Describe the types of security requirements and how they may influence architecture design.

Q:

Assuming that the office is sold at $7,000,000 after BCC Ltd has moved out. Discuss the factors which need to be considered in determining whether Mr. Lee will likely be subject to profits tax in...

Q:

Question 3 (10 marks) Part A (1 marks) On 30 June 2018, the statement of financial position of Koala Ltd showed the following non- current asset after charging depreciation: Buildings 300,000...

Q:

A survey of 200 college graduates who have been working for at least 3 years found that 90 owned only mutual funds, 20 owned only stocks, and 70 owned both. a. What is the probability that an...

Q:

Clinton Enterprises' statement of owner's equity showed the following balances for the owner's capital account: 1. Beginning of the year: $225,000 2. End of the year: $260,000 (a) If the owner made...

Q:

Three coins are dropped on a table. a. List all possible outcomes in the sample space. b. Find the probability associated with each outcome. c. Let A be the event exactly 2 heads. Find P(A). d. Let B...

Q:

Three coins are dropped on a table. a. List all possible outcomes in the sample space. b. Find the probability associated with each outcome.

Q:

Construct a frequency distribution and histogram for the taxiin time in the Excel file Atlanta Airline Data using the Excel Histogram tool. Use bin ranges from 0 to 50 with widths of 10. Find the...

Q:

Write a program to wish happy birthday to a student. Firstly, take today month and day as an input and secondly take birthday as an input in the form of month and day. If the input day and month...

Q:

The number of new ideas that emerge

Q:

7. Develop a circular model, with positive and negative feedback loops, showing the following critical variables:

Q:

Technology