With Country Clubs,the Type of Membership That Enables Members to Use

question 28

Multiple Choice

With country clubs,the type of membership that enables members to use all the facilities all the time is a

• A)annual membership
• B)full membership
• C)seasonal membership
• D)monthly membership
• E)social membership

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Definitions:

Opportunity Cost

Opportunity cost is the value of the next best alternative forgone as the result of making a decision.

Henry George

A 19th-century economist known for his belief that people should own the value they produce themselves, but that land and natural resources should belong to all (Georgism).

Allocative Efficiency

A state of resource allocation in which it is impossible to make any one individual better off without making at least one individual worse off.

Incentive Function

The role of rewards or penalties in motivating individuals or entities to behave in certain ways.