Which basic principle of individual choice do these statements best illustrate?

Which basic principle of individual choice does this sentence best illustrate? Answer: All choices have opportunity costs.

Which basic principle of individual choice does Brian’s plan illustrate that his wife’s advice does not?

This problem has been solved! Which basic principle of individual choice does Brian’s plan illustrate that his wife’s advice does not? All costs are opportunity costs. Resources are scarce.

When a society gets the most it can from its scarce resources?

Efficiency means that society is getting the maximum benefits from its scarce resources. Equality means that those benefits are distributed uniformly among society’s members.

What is meant by medium of exchange quizlet?

medium of exchange. anything that is used to determine value during the exchange of goods and services. barter. the direct exchange of one set of goods or services for another.

Which is the most accurate statement about trade?

The statement ‘ Trade can make every nation better off’ is the most accurate statement

When everyone in society benefits when scarce resources are used efficiently?

everyone in a society benefits when scarce resources are used efficiently. Productivity goes up whenever more can be produced with the same amount of resources. A major contribution to productivity some from investment in human capital the sum of peoples skills, abilities, health, knowledge, and motivation.

Which concept best defines efficiency?

Efficiency signifies a peak level of performance that uses the least amount of inputs to achieve the highest amount of output. Efficiency requires reducing the number of unnecessary resources used to produce a given output including personal time and energy.

What is an example of medium of exchange?

The best example of a medium of exchange is currency and the whole purpose of it is to facilitate trading activities. By providing an element that has a known and collectively-agreed value of exchange the medium of exchange becomes a generally accepted way to settle economic transactions.

What is a medium of exchange called?

What Is a Medium of Exchange? In modern economies, the medium of exchange is currency.

Is money is a medium of exchange?

Money is a generally accepted, recognized, and centralized medium of exchange in an economy that is used to facilitate transactional trade for goods and services.