technological and resource mix used to produce goods? a. The what to produce question b. The why to produce question c. The how to produce question d. The for whom to produce question 2. A good or service that is forgone by choosing one alternative over another is called a (an): a. Explicit cost b. Opportunity cost c. Accounting cost d. Implicit cost 3. In the context of the production possibilities curve‚ opportunity cost is measured in: a. Changing
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Opportunity cost is often to be determined when coming across decision-making. Throughout this essay‚ the term ‘opportunity cost’ will be reviewed in the case of pregnant women staying home during their maternity leave. The essay will be divided into 3 part. Firstly‚ concept of opportunity cost will be defined and explained with daily examples. It will then go on investigating both the opportunity cost and benefits of mothers staying home during their maternal leave. Finally‚ several advices will
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Decision Making High Production Capacity Ploughing back surplus External Factors: Opportunities • Contracts with APL and Pearson (thereby ensuring utilization of waste resources and gaining technical expertise) • Explore new markets (currently present only in northern region) • Improve the current market share • Supply to Canteens in Institutions Threats • • Increased competition in the organized and unorganized sectors High Excise Duty and Sales Tax Based on the analysis‚ KPCL can take either of
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In the world market‚ countries trade products they wouldn’t be able to produce on their own. Countries like Cuba specializes in cigar production‚ Japan in electronics‚ and Russia in rocket technology. However‚ even if a country has an absolute advantage in producing all goods‚ they still will benefit from trade. Many economic factors are involved with trade. Among the major factors are opportunity costs‚ comparative advantage‚ specialization and finally trade. Opportunity cost is defined as the value
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Two countries is a beautiful poem by Naomi Shihab Nye. The poem is clearly inspired by the poet’s own life as she is a woman of two worlds: Palestine and America. Nye makes use of an extended metaphor throughout the piece‚ representing herself as skin. This is done in a double entendre sort of way‚ symbolizing a negative connotation in the first stanza and weaving its way into a positive meaning in the last. In the first part of the poem‚ skin is utilized for its description of being the exterior
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ECONOMIC SCENE The Opportunity Cost of Economics Education By ROBERT H. FRANK Published: September 1‚ 2005 SHORTLY after I began teaching‚ more than 30 years ago‚ three friends in different cities independently sent me the same New Yorker cartoon depicting a woman introducing a man to a friend at a party. "Mary‚ I’d like you to meet Marty Thorndecker‚" she began. "He’s an economist‚ but he’s really very nice." Forum: The Economy Cartoons are data. That people find them amusing usually
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in India A passenger train collided with a stationary goods train in southern India‚ a local railway official told AFP.The passenger train was travelling to Bangalore‚ the capital of Karnataka state‚ when it rammed into the goods train at Penneconda station in the neighbouring state of Andhra Pradesh.“At least 14 people‚ including one child and two women‚ died when three coaches of Hampi Express overturned following a collision with a goods train‚” G.K. Jalan‚ the railways’ regional public relations
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In the essay “Your So Called Education” by Richard Arum and Josipa Roksa the ideas of education quality and the lack of it not being held to the highest standard are evident throughout the essay. These two authors have written many different works about problems in education today. Richard Arum is a professor of sociology at New York University‚ and he is also the Director of Education Research. Arum received his doctorate in sociology from the University of California at Berkley. Finally he led
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Cost of Goods Checkpoint Cost of Goods Checkpoint A multi-step income statement for a trading business highlights the fact that between 40% and 60% of revenue from sales is accounted for as the cost of goods sold. The cost of goods attributed to a company’s products is expensed as the company sells these goods. There are several ways to calculate COGS but one of the more basic ways is to start with the beginning inventory for the period and add the total amount of purchases made during the
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October 8‚ 2013 Can Public Schools Produce Good Citizens Taking in consideration the topic of this paper‚ can public schools produce good citizens‚ another question comes to mind: Why is a good citizen important to the public? Americans widely agree that a good education is essential to democracy‚ in order to promote intelligent citizens who can govern themselves (Ravitch & Viteritti‚ 2002). Several reports contend that public schools are failing to teach democratic values and are not helping
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