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The Division of Society into Two or More Groups, or Strata

question 42

Multiple Choice

The division of society into two or more groups, or strata, that are hierarchically ordered is called __________.


Definitions:

Opportunity Cost

Waiving prospective gains from various alternatives by settling on one option.

Foregone Alternative

The option or course of action that is given up when another is chosen; closely related to the concept of opportunity cost.

Opportunity Cost

The charge of rejecting the following prime opportunity in the process of decision-making.

Sunk Costs

Sunk costs are expenditures that have already been incurred and cannot be recovered, and should not affect future investment decisions or operations.

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