Please use your words to explain the following terms and make sure that you will give a descriptive example to support your explanation. All the terms can be found in chapter 1, but I am not asking you to copy the text from the textbook. I am creating this problem set to kindly see if you can apply these terms and give your own explanations and examples. Take
(a) for example, after you explain opportunity cost in your own words, you can give the example like, “after you graduate with a BA/BS, the opportunity cost to go on to the graduate school is your work experience and salary.)
(a) opportunity cost
(b) the invisible hand
(c) positive-normative distinction