Edmond Locard created the Theory of Exchange which states: Group of answer choices An aspect of the natural world can be repeatedly tested and verified in accordance with a scientific method. When two or more objects come into contact with one another, a cross transfer of information/materials occurs. The rate at which one currency will be exchanged for another. The act of giving or taking one thing in return for another.

Alana orders a pink shirt from BuyClothes.com but receives an orange shirt instead. The store advertises a free exchange policy for goods. Therefore, Alana should write a __________ to get the correct shirt that she ordered. Group of answer choices routine claim persuasive request negative news message goodwill message

What is a trade-off? Give two examples of trade-offs that you face in your life.

Think about your own life. Maybe you are willing to spend 50 or 60 hours a week between school and work. Maybe you take care of young children and have a lot of home life responsibilities and you only spend 20 hours between school and work. Draw your own personal Production Possibilities Frontier (PPF) for time spent doing school and work. Remember to plot out multiple possible combinations and then draw a line to connect them. Explain where you operate on your PPF and why. What are some of the opportunity costs you have to weigh to determine where you will operate along your personal PPF curve?

Opportunity cost Tony buys a pizza and with that same amount of money he could have bought a drink and a hot dog.

The company that you manage has invested $5 million in developing a new product, but the development is not quite finished. At a recent meeting, your salespeople report that the introduction of competing products has reduced the expected sales of your new product to $4.5 million. If it would cost $3 million to finish development and make the product, should you go ahead and do so?The most you should pay to complete development is how many dollars?

T or F Everything we do has its opportunity cost. Why?

The company that you manage has invested $5 million in developing a new product, but the development is not quite finished. At a recent meeting, your salespeople report that the intro￾duction of competing products has reduced the expected sales of your new product to $3 million. If it would cost $1 million to finish development and make the product, should you go ahead and do so? What is the most that you should pay to complete development?

According to Joel Waldfogel how much value is “destroyed” as a result of Christmas gift giving?

A tradeoff is illustrated by?