Decision making User: ... Weegy: Phonemic encoding is emphasizing the sound of a word. Opportunity cost also includes the utility or economic benefit an individual lost, it is indeed more than the monetary payment or actions taken. In many cases, however, the cost of some action is not as obvious as it might first appear. What is economics? Whereas an accountant needs to know what costs have accrued over the past year, an economist wants to examine costs as they relate to the firm’s decision-making. Opportunity cost is the cost we pay when we give up something to get something else. 1.Which of the following is an example of something that economists would consider a cost but accountants would not? b. always measured in units of time given up to get it. (Bloomberg Businessweek) --As protests against racial injustice erupted across the U.S. in late May, an economist on Wall Street set aside her usual work of analyzing monetary policy and all things macro to try her hand at something few in her field have attempted: quantifying the cost of racism to the world’s largest economy. Marrying this person means not marrying that one. WINDOWPANE is the live-streaming social network that turns your phone into a live broadcast camera for streaming to friends, family, followers, or everyone. Most materials are not magnetic because TRUE. However, that economist may be prone to selling that item since its cash value its higher than its usefulness to him/her. 0 0. One of the most tangible examples of the dangers of misusing prescription drugs comes from the opioid crisis, which the Council of Economic Advisers (CEA) estimates cost … At the same time, however, the monopoly is earning profit from charging this high price. Something the economist wants, but does not value higher than or equal to the cost to acquire it. Which of the following would be considered a suspicious purchasing ... why was steam engine so important to industrialize. Today’s promises include free college, free healthcare, free paid time off of work, and all sorts of goodies. ... "They will need to do something. https://marketbusinessnews.com/financial-glossary/economic-cost We now combine the two economic concepts we describe above to generate a description of how the dating market works. The cost numbers depend quite heavily on how society responds to the virus, and to some extent also on how far the virus has spread. A. what you give up to get it B. Indemnification. D. the dollar amount of obtaining it, __________ is the process of working with people and resources to accomplish organizational goals. I need an economist to explain this to me. Because people face trade-offs, making decisions requires comparing the costs and benefits of alternative courses of action. It cost the American taxpayer a massive $2.9 trillion ... an economist at Yale ... the Gulf war and the subsequent economic sanctions have cost Iraq something … “But there’s also an opportunity cost,” Ravi explains. D. Planning For an economist the cost of something is A always equal to its market value B from CRN 11853 at Georgia State University B. often impossible to quantify, even in principle The lost potential gain is the cost of the opportunity that is accepted. If you sleep through your economics class (not recommended, by the way), the opportunity cost … C) always equal to its market value. In economic terms, the true cost of something is what one has to give up in order to get it. Get the detailed answer: In economics, the cost of something is: A. Economic cost is the combination of losses of any goods that have a value attached to them by any one individual. Mankiw explains that you have to include opportunity costs in your calculations. Ten Principles of Economics PRINCIPLE 2: THE COST OF SOMETHING IS WHAT YOU GIVE UP TO GET IT Because people face trade-offs, making decisions requires comparing the costs and benefits of alternative courses of action. Business Economics For an economist, the cost of something is: a. the amount of money you paid for it. E. Supervising. the amount of money you paid for it. Thread starter johnnype; Start date ... English SxS. This includes explicit monetary costs of course, but it also includes implicit non-monetary costs such as the cost of one's time, effort, and foregone alternatives. Economics (/ ɛ k ə ˈ n ɒ m ɪ k s, iː k ə-/) is the social science that studies how people interact with value; in particular, the production, distribution, and consumption of goods and services.. 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