4. Define the following concepts. a. opportunity cost f. economic profit b. norm

Question

4. Define the following concepts.

     a. opportunity cost                                                                     f. economic profit

     b. normative economics g. profit margin

     c. microeconomics                                                                     h. compounding

     d. explicit cost                                                                             i. elasticity

     e. market                                                                                     j. law of demand

Explanation / Answer

a. Opportunity cost:

b. Normative economics:

c. Micro economics:

d. Explicit cost:

e. Market:

f. Economic profits:

g. Profit margin:

h. Compounding:

i. Elasticity:

j. Law of demand:

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