Opportunity Cost Is

question 338

Multiple Choice

Opportunity cost is

• A) the intrinsic value of an economic good.
• B) the total value of all the alternatives given up when a choice is made.
• C) the value of the opportunity selected when a need is satisfied.
• D) the value of the next highest ranked alternative that must be sacrificed to obtain a want.

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Definitions:

Moral Standards

Principles that govern behaviors, distinguishing right from wrong based on societal, cultural, or personal values and ethics.

Ethics

Moral principles that govern behavior, distinguishing between what is right and wrong.

Folkways

Norms for routine or casual interaction that guide everyday behavior in a society.

Corporate Social Responsibility

A business approach that contributes to sustainable development by delivering economic, social, and environmental benefits for all stakeholders.