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Tom is looking for work after school,but everywhere he fills out an application he is told that so have lots of others.Simon has a law degree.Several firms have made him offers,but he thinks he might be able to find a firm where his talents could be put to better use.Which category of unemployment do Tom and Simon belong to?
Opportunity Cost
The value of the next best alternative that must be forgone as a result of choosing one option over another.
Cookie
A small, sweet baked treat, often containing flour, sugar, and oil or fat, and possibly containing chocolate chips, nuts, or other ingredients.
Absolute Advantage
The ability of a country, individual, company or region to produce a good or service at a lower cost per unit than any competitor.
Comparative Advantage
A principle that states a country or individual can produce a particular good or service at a lower opportunity cost than others.
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