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Scenario 1-2
Suppose that you have a choice between going to the movies with a friend for two hours or working at your job. If you go to the movies, you will spend $7 on a ticket and $5 on popcorn. If you choose to work, you will earn $10 an hour.
-Refer to Scenario 1-2. What is your opportunity cost of working?
Commercially Reasonable
A standard in law and business that measures actions against what a reasonable person engaged in commerce would believe is acceptable or customary practice.
Repossessed Vehicle
A vehicle taken back by a lender or seller from the buyer due to failure to make agreed payments.
Deficiency
The difference between the amount owed on a loan and the proceeds from the sale of the asset securing the loan, if the sale amount does not cover the loan balance.
Breach Of The Peace
An act that disturbs public tranquility or order.
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