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Discuss routine activities theory in detail. Explain each of the elements required for a crime to occur. How do routine activities affect victimization risk? How does this theory explain the increase in crime in the 1960s and 1970s?
Opportunity Cost
The cost of choosing one option over another, typically the best alternative forgone as a result of making a decision.
Efficient
Efficiency refers to the optimal production and distribution of resources in a way that best meets the needs and desires of consumers.
Scarce Resources
Natural, human, and capital resources that are limited in supply and can be used for the production of goods and services.
Bowed Outward
Refers to the shape of a production possibility frontier that indicates increasing opportunity costs for producing two goods.
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