When Benjamin Franklin Wrote, "Remember That Time Is Money!" He

question 146

Multiple Choice

When Benjamin Franklin wrote, "Remember that time is money!" he understood

• A) the incentives created by property rights.
• B) the law of comparative advantage.
• C) the concept of opportunity cost.
• D) that watches cost money.

Recognize the importance of planning, analysis, and a managerial approach in entrepreneurship.

Understand the variety of community-based programs for helping victims of domestic violence as described in Sokoloff's article.

Analyze how these programs address the larger structural issues associated with domestic violence.

Understand the importance of saying "no" in nonprofit collaborations and its impact.

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Definitions:

Budget Constraint

The constraint on the collection of goods or services a consumer is able to purchase, determined by their income and the cost of those goods or services.

Utility

A measure of satisfaction or happiness that consumers derive from consuming goods and services.

Indifference Curves

Graphical representations used in microeconomics to show combinations of two goods that give an individual equal satisfaction and utility.

Budget Constraint

The limitations on the spending decisions of consumers based on their income and the prices of goods and services.