Consuming Fewer Goods Today in Order to Invest Resources in Capital

question 97

Multiple Choice

Consuming fewer goods today in order to invest resources in capital goods can be considered the ________ of economic growth.

• A)opportunity cost
• B)social cost
• C)investment cost
• D)external cost
• E)total cost

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Definitions:

ERISA

The Employee Retirement Income Security Act, a federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry.

Pension Benefits

Payments made from a retirement plan, often based on years of service and salary history, made to eligible employees after retirement.

Workers' Compensation Statutes

Laws that provide financial compensation and medical care for workers who are injured or become ill as a direct result of their job, regardless of fault.

Independent Contractors

Individuals or entities hired to perform specific tasks or services for another entity as non-employees, often with their own tools, and responsible for their own tax obligations.