It will be basically found in the glossary of the book or
mostly the glossary will be on the very last page of the book. We can find the
translation of terms using a glossary it is all well written there so better
look at it so that you will be able to see the foreign areas with translation
terms.
Part of Question completed :
Which basic principle of individual choice does Charles's plan illustrate that his wife's advice does not?
Many decisions are made on the margin.
People usually exploit opportunities to make themselves better off.
Resources are scarce.
All costs are opportunity costs.
Answer:
All costs are opportunity costs
Explanation:
All choices have opportunity costs. If Charles decides to swim, he gives up the time that he could have spent biking or running. The opportunity cost of an hour of swimming is therefore an hour of biking or running, whichever he believes has most value as an alternative which could justify the sacrifice of one hour for swimming alone. There is no information on the value of an extra hour swimming however so we cannot determine whether it is best for Charles to spend time equally on all sports or otherwise.
