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Submission date: 17-May-2020 11:03PM (UTC+0300)
Submission ID: 1326393374
File name: Responses_to_Business_Questions.docx (127K)
Word count: 1086
Character count: 5559
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Running Head: RESPONSES TO ECONOMICS QUESTIONS
Responses to Economics Questions
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RESPONSES TO ECONOMICS QUESTIONS
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Response One
Opportunity Cost refers to the sacrifice a consumer, group of strategists and society make
to forego the next best thing in a list in order to maximize the output of the chosen item or
product (Marshall, 2016). In most cases, the option takes the form of either money or time. On
the contrary, economics is the social science that is principally concerned with the realms of
making optimal choices from the midst of the available resources. Human wants are usually
unlimited, but the production resources to fulfil them are limited.
In the world of today, every good thing or th...