Asked by
Kayla Shannon
on Dec 08, 2024Verified
Related to the Economics in Practice on page 3: According to the Economics in Practice, when rains in rural India are plentiful, the opportunity cost of having someone out of the labor force, and therefore unable to work in agricultural production,
A) increases.
B) decreases.
C) remains unchanged.
D) is zero, because the person is out of the labor force.
Opportunity Cost
The bypass of potential advantages from different routes when a specific option is taken.
Agricultural Production
The process and methods used in the cultivation of plants and raising of animals for food, fiber, biofuel, medicinal plants, and other products used to sustain and enhance human life.
Labor Force
The total number of people employed and unemployed, seeking employment in an economy.
- Acquire knowledge on the idea of opportunity cost and its importance in the process of decision-making.
Verified Answer
SM
Learning Objectives
- Acquire knowledge on the idea of opportunity cost and its importance in the process of decision-making.