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The opportunity cost of an activity is an element in ensuring that scarce resources are used efficiently, such that the cost is weighed against the value of that activity in deciding on more or less of it.Opportunity costs are not restricted to monetary or financial costs but could be measured by the real cost of output forgone, leisure, or anything else that provides the alternative benefit (utility). It has been observed that a high volume of trade occurs among regions even with access to a similar technology and mix of factor inputs, including high-income countries.When you are comfortable with eat lunch and run, take yourself out for dinner. You’re no less intriguing a person when you’re eating solo dessert to cleaning the whipped cream from the dish with your finger.
Economics is a social science concerned with the factors that determine the production, distribution, and consumption of goods and services. (nomos, "custom" or "law"), hence "rules of the house (hold for good management)". 'Political economy' was the earlier name for the subject, but economists in the late 19th century suggested "economics" as a shorter term for "economic science" to establish itself as a separate discipline outside of political science and other social sciences. Economics focuses on the behaviour and interactions of economic agents and how economies work.
The term economics comes from the Ancient Greek ????????? Consistent with this focus, primary textbooks often distinguish between microeconomics and macroeconomics.
It is an economic process that uses inputs to create a commodity or a service for exchange or direct use.
Production is a flow and thus a rate of output per period of time.
The way bodies move genuinely to beats is, after all, gorgeous and affecting.
Dance until you’re sweating, and beads of perspiration remind you of life’s best things, down your back like a brook of blessings.
You could stand, swathed by groups and mobs or hold hands with your partner, look both further and farther for the endless quest for company.
But no one’s in your head and by the time you translate your thoughts, some essence of them may be lost or perhaps it is just kept.
Distinctions include such production alternatives as for consumption (food, haircuts, etc.) vs.
investment goods (new tractors, buildings, roads, etc.), public goods (national defence, smallpox vaccinations, etc.) or private goods (new computers, bananas, etc.), and "guns" vs "butter".
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