What is the opportunity cost of tammies trip to the concert

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Reference no: EM13233959

1) Which is necessary to make a trade in a barter economy?
A) Money
B) Unlimited wants
C) A medium of exchange
D) A coincidence of wants

2) Tammie makes $150 a day as a bank clerk. She takes off two days of work without pay to fly to another city to attend the concert of her favorite music group. The cost of transportation for the trip is $250. The cost of the concert ticket is $50. What is the opportunity cost of Tammie's trip to the concert?

3) How do the different economic systems (capitalism and socialism) differ in the way they answer these three questions - What to Produce? How to Produce? and For Whom to Produce?

Reference no: EM13233959

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