Hal currently works as the burger guy at burger haven but is thinking of quitting his job to attend college full time next semester. which of the following would be considered an opportunity cost of attending college? a. the costs of the textbooks. b. the costs of the cola that hal will consume during class. c. hal’s lost wages at burger haven. d. the cost of commuting to the burger haven job.

c. Hal’s lost wages at Burger Haven

Explanation:

The opportunity cost is the cost of the best alternaive rejected to perform the current project.

We must calculate the opportunity cost for each factor when needed. The most common example, if someone is using a place for a personnal project, the opportuniy cost will be the sum of:

The rent factor, the proceeds it could receive from the space

The labor factor, the salary it could recieve if it is working on a different project.

In this case, Hal only is resining to labor factor, so the opportunity cost for collegue is the lost wages at burger haven

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

answer(d) all of the choices are correct;