Define the Following Terms

question 3

Short Answer

Define the following terms
-social indicator

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Definitions:

Rational Choice

The theory that individuals make decisions based on the maximization of their benefits and the minimization of their costs.

Subjective Costs

Costs perceived by individuals based on personal values, preferences, and circumstances, which can vary between persons.

Personal Interests

involve the hobbies, preferences, or passions of an individual, which can influence their choices and behavior.

Personal Costs

Expenses that directly affect an individual, often considered in decisions involving personal finance or effort.