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Alternative opportunity - PowerPoint PPT Presentation

Culture

Culture. A body of beliefs, material traits, and social forms that together constitute the distinct tradition of a group. Cultural Hearth. Material Culture. Everyday life (food, clothing, shelter) Folk and popular culture. Taboo. Taboo. Cultural Change Innovation. Diffusion.

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538 views • 28 slides

Chapter 3

Chapter 3. Opportunity Costs and the Supply of Goods. Opportunity Cost. Opportunity Cost - The value of the next best alternative foregone. Costs of Actions. The real cost of any action is the value of the alternative opportunity that must be sacrificed in order to take action. Hayek.

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274 views • 17 slides

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Alternative opportunity - PowerPoint PPT Presentation

Culture

Chapter 3