Imagine you were gifted $1000. This money is yours to do with as you please.
Make a list of all the possible wants you have.
Calculate the opportunity cost for two of those wants on your list.
Decide how you would use your $1000 and note the trade-offs involved.
Describe how the above exercise demonstrates the theory of scarcity and then state
why scarcity is fundamental to economics.
The opportunity cost
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