When We Have a Gap Between What Did Happen and Could

question 64

True/False

When we have a gap between what did happen and could have happened, we normally refer to the gap as a problem.

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Definitions:

Opportunity Cost

the value of the best alternative that is foregone when making a decision, representing the benefits that could have been received by taking a different path.

Painting

The process of applying pigment to a surface using tools such as brushes, to create an artistic expression.

Baking Cakes

A process of cooking food by dry heat, especially in an oven, applied specifically to the creation of cakes.

Comparative Advantage

An economic principle that describes the ability of a country or individual to produce a particular good or service at a lower opportunity cost than others.