Question

1. What is another name for opportunity cost
2. In a socialist economy, what are the prices of a commodity determined by
3. What is the difference between money cost and real cost of an item
4. In which economic system do we have mostly private ownership of resources and individual decision making
5. Find the median of the following set of numbers: 8, 9, 6, 5, 10
6. A business outfit is said to be public limited liability company when it

Answer 1

Answer: Opputtinity cost - cost fixed

Explanation:

Answer 2

1. Another name for opportunity cost is FORGONE ALTERNATIVE

2. Unlike the capitalist economy that the market determines the prices of a commodity, the central planning authority determines prices in a socialist economy

3. Money cost the the cost of acquiring an item with available cash, while Real cost is the overall actual expense(money, time, labour) involved in acquiring an item.

4. Capitalist economy

5. Arrange the numbers from lowest to highest: 5 6 8 9 10.
The median is 8.

6. When a company’s securities can be traded on a stock exchange and can be bought or sold, then the business outfit is said to be a public limited liability company.