What You Give Up to Obtain an Item Is Called

question 44

Multiple Choice

What you give up to obtain an item is called your

• A)opportunity cost.
• B)explicit cost.
• C)monetary cost.
• D)direct cost.

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Definitions:

U.S. Constitution Ratified

The official confirmation and adoption of the United States Constitution by the required nine states in 1788, establishing the framework of the federal government.

1788

The year when the United States Constitution was ratified by the necessary nine states, marking the founding of the United States government as it is known today.

Social Structure

The organized pattern of relationships and social institutions that together compose society, including roles, classes, and social hierarchies.

Republican Society

A social order that emphasizes the welfare of the community and operates on principles of democracy and the rule of law, often in contrast to a monarchy or dictatorship.