Meredith was scheduled to have the evening off at her job. She made plans with her friend Alfonso to go see a movie, although Felicia had also invited her to go bowling. Alice had invited her to go dancing, and Philip had invited her to go explore an abandoned building A few hours before the movie. Meredith got a call from her boss asking her to come in to work because someone called out. Although Meredith wants to go with Alfonso to see the movie, she decides she could use the extra money and goes in to work. Which of the following best describes Meredith's opportunity cost of going in to work? 1. The value of the time spent seeing the movie with Alfonso 2. The total value of going to see a movie with Alfonso, of going bowling with Felicia, of going dancing with Alice, and of exploring the abandoned building with Philip. 3. The value of the wages earned for a night's work. 4. The value of going bowling with Felicia

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

lbc corporation makes and sells a product called product wz. each unit of product wz requires 4.1 hours of direct labor at the rate of $20.00 per direct labor-hour. management would like you to prepare a direct labor budget for june. the company plans to sell 28,000 units of product wz in june. the finished goods inventories o

answer makes less frequent trips to the bank and firms make less frequent price changes;