To Describe Preferences,economists Use the Concept of

question 56

Multiple Choice

To describe preferences,economists use the concept of

• A)opportunity cost.
• B)scarcity.
• C)marginal benefit.
• D)marginal cost.
• E)price.

---

Definitions:

Collateralized

Secured by an asset or property as a guarantee to repay a loan.

Amortized

The process of gradually reducing a debt through regular payments over time, which include both principal and interest components.

Borrower Defaults

Borrower defaults occur when a borrower fails to meet the legal obligations of a loan, such as not making scheduled payments.

Legal Documents

Written instruments that express rights, duties, entitlements, or liabilities legally enforceable by judicial action.