"Am I Only Thinking About the Way We Do Things

question 67

True/False

"Am I only thinking about the way we do things in America?" is a question you may ask yourself when you are practicing cultural sensitivity.

---

Definitions:

Capital

The total value of assets owned by an individual or firm—physical assets plus financial assets.

Opportunity Cost

The cost of the next best alternative foregone as the result of making a decision.

Depreciation

The reduction in the value of an asset over time, often due to wear and tear or obsolescence.

Implicit Cost

The opportunity cost equal to what a firm must give up or forgo in order to use resources in its own operations, not directly paid in money.