Concepts Refer to

question 54

Multiple Choice

Concepts refer to

• A)mental categories that are used to group objects,events,and characteristics.
• B)appropriate ways to attain a goal when the goal is not readily available.
• C)unique strategies that guarantee a solution to a problem.
• D)specific reasons behind linguistic differences between ethnic groups.

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Definitions:

Opportunity Cost

The expense incurred by not selecting the second-best choice during a decision-making process or when evaluating different alternatives.

Full Employment

A situation in an economy where all available labor resources are being used in the most efficient way possible.

Marginal Rate

Often refers to the marginal rate of substitution or marginal rate of transformation in economics, indicating the rate at which one good can be substituted for another.

Transformation

The process of converting inputs into outputs, often relating to the change of raw materials into finished products in the context of production.