Juanita is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: In order to swim for an hour, Juanita must take time away from work, where she earns $10 per hour. This is in addition to paying a $5 entrance fee for the pool. Which basic principle of individual choice do these statements best illustrate? People usually exploit opportunities to make themselves better off. Markets are usually a good way to organize economic activity. The cost of something is what you give up to get it. Trade can make everyone better off
Juanita is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: In order to swim for an hour, Juanita must take time away from work, where she earns $10 per hour. This is in addition to paying a $5 entrance fee for the pool. Which basic principle of individual choice do these statements best illustrate? People usually exploit opportunities to make themselves better off. Markets are usually a good way to organize economic activity. The cost of something is what you give up to get it. Trade can make everyone better off
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Juanita is training for a triathlon, a timed race that combines swimming, biking, and running.
Consider the following sentence: In order to swim for an hour, Juanita must take time away from work, where she earns $10 per hour. This is in addition to paying a $5 entrance fee for the pool.
Which basic principle of individual choice do these statements best illustrate?
People usually exploit opportunities to make themselves better off.
Markets are usually a good way to organize economic activity.
The cost of something is what you give up to get it.
Trade can make everyone better off.
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