Costs Forgone When an Individual or Organization Chooses One Option

question 43

Multiple Choice

Costs forgone when an individual or organization chooses one option over another are

• A)budgeted costs.
• B)sunk costs.
• C)historical costs.
• D)opportunity costs.

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Definitions:

Megacity

A metropolitan area with a total population in excess of ten million people.

Customer Service

The support and assistance provided by a company to the people who buy or use its products or services.

Global Supply Chains

Supply chain operations that involve the movement of goods, services, and information across multiple countries and continents.

NAFTA

The North American Free Trade Agreement, a treaty between Canada, Mexico, and the United States that eliminated most tariffs on trade between the countries.