Invariably, the Opportunity Cost of a Resource That Is Scarce

question 6

True/False

Invariably, the opportunity cost of a resource that is scarce will be greater than its purchase price.

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Definitions:

Human Capital

The skills, knowledge, and experience possessed by an individual or workforce, viewed in terms of their value or cost to an organization.

Human Capital

Represents the skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country.

Compensating Differential

A variation in pay or wages that arises to compensate workers for differences in the desirability of a job, such as working conditions or job location.

Labor Markets

The supply and demand for labor, where employers seek workers and individuals seek employment.