Give an Example of Each of the Following: (A) Opportunity

question 91

Essay

Give an example of each of the following: (a) Opportunity cost, (b) Substitutionary effect, (c) Complementary effect and (d) Sunk cost.

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Definitions:

Legislation

A body of laws and regulations enacted by a government or legislative authority to regulate, authorize, sanction, grant, declare, or restrict.

Environmental Factor

An external influence that affects an organization’s operations, including economic, legal, technological, and competitive elements.

Technology

The application of scientific knowledge for practical purposes, especially in industry and in our daily lives, through the use of tools, machines, systems, and processes.

Geographic Migration

The movement of people from one area to another, often for the purposes of employment, education, or living conditions.