Opportunity Costs

question 195

Multiple Choice

Opportunity costs:

• A) only include explicit costs paid out-of-pocket.
• B) never involve costs paid out-of-pocket.
• C) may or may not involve costs paid out-of-pocket.
• D) are always measured in time units.

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Definitions:

Resource Effectiveness

The efficient and effective use of resources to achieve desired outcomes and objectives.

Nonprofit Sector

A segment of the economy consisting of organizations that operate primarily for purposes other than making a profit, focusing on social, charitable, cultural, educational, or community-oriented goals.

Natural Disasters

Severe and unexpected events caused by natural processes of the Earth that lead to environmental, financial, and human losses.

Relief & Wellbeing

The state or experience of being free from stress, tension, or anxiety, contributing to an individual's overall sense of health and happiness.