How Would You Explain What Political Parties Are and Why

question 55

Essay

How would you explain what political parties are and why Texas has a two-party system?

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Definitions:

Sunk Cost

A cost that has already been incurred and cannot be recovered, which should not affect future business decisions.

Incremental Overhead

The additional overhead costs incurred as a result of a specific business activity or decision.

Salary Expense

The total amount paid to employees for services rendered during a specific period, usually shown in the income statement.

Opportunity Cost

The value of the best alternative forgone when a choice is made between different options.