5. Read the scenario below: A local board of education is preparing the budget for the next fiscal year. The board decides to pay for repairs to school buildings instead of buying new computers. What economic concept applies in this situation? A. globalization B. market failure C. interdependence D. opportunity cost
5. Read the scenario below: A local board of education is preparing the budget for the next fiscal year. The board decides to pay for repairs to school buildings instead of buying new computers. What economic concept applies in this situation? A. globalization B. market failure C. interdependence D. opportunity cost
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![5. Read the scenario below:
A local board of education is preparing the budget for the next fiscal year. The board decides to
pay for repairs to school buildings instead of buying new computers.
What economic concept applies in this situation?
A. globalization
B. market failure
C. interdependence
D. opportunity cost](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa7cbbd16-5092-41d8-9b42-f1e0a3fb94af%2F8885f0f8-25ac-4867-9b18-361af11df60c%2Fxxibaf8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:5. Read the scenario below:
A local board of education is preparing the budget for the next fiscal year. The board decides to
pay for repairs to school buildings instead of buying new computers.
What economic concept applies in this situation?
A. globalization
B. market failure
C. interdependence
D. opportunity cost
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