The Principle of Opportunity Cost Is That

question 10

Multiple Choice

The principle of opportunity cost is that

• A)in a market economy, taking advantage of profitable opportunities involves some money cost.
• B)the economic cost of using a factor of production is the alternative use of that factor that is given up.
• C)taking advantage of investment opportunities involves costs.
• D)the cost of production varies depending on the opportunity for technological application.

Understand the concept and importance of cross-functional teams in organizational problem-solving and innovation.

Identify the characteristics, benefits, and challenges of various types of teams and groups within organizations.

Define and distinguish between formal and informal groups in a work setting.

Recognize the role and significance of self-managing teams in modern organizations.

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Definitions:

Check Stub

A check stub is the part of a check that is kept as a record by the issuer, detailing the amount, date, and payee of the check.

Cash Balance

The amount of currency that a company or individual has on hand, including deposits in bank accounts that are available for immediate use.

Deposit

A sum of money placed into an account or given as partial payment to secure a purchase or service.

Check Register

A record of checks written, deposits made, and balances for a checking account.