Answer:
The question is missing the below details:
Which basic principle of individual choice do these statements best illustrate?
1) The cost of something is what you give up to get it
2) Markets are usually a good way to organize economic activity
3) People usually exploit opportunities to make themselves better off.
4) Trade can make everyone better off.
The principle illustrated by the statements is that cost of something is what you give up to get it.
Explanation:
The concept discussed above is known as opportunity cost, the cost of alternative forgone. If Andrew took to swimming instead of working where he earns $10 per hour, the cost of every hour spent swimming is the benefit of $10 forgone for not working at that point in time.
In essence, if one must lose something to get another thing, cost of getting what one wants is the benefit derivable from what one loses.In other words, there is usually a trade off between two mutually exclusive activities,participating in one makes the other unavailable.
