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:

Legal Rights

Legal rights are entitlements governed by specific legal systems that grant individuals the ability to perform certain actions or to be treated in specific ways.

Records

Documented information, in various formats, maintained as evidence of activities, transactions, and decisions.

Abstract Qualities

Traits or characteristics that are not tangible or concrete, often relating to concepts, ideas, or values.

Construct Validity

Consistency between a high score on a test and high level of a construct such as intelligence or leadership ability, as well as between mastery of this construct and successful performance of the job.