a.

Go to the beach or study for an exam

Study for an exam because I want to get a good grade, my opportunity cost would
be missing out on the beach.
b. Get a job after high school or go to college
Get a job after high school is the best alternative for now in order to get
income right away. Opportunity cost is missing college.
c. Leave early for school or eat breakfast
Eat breakfast is the best option because breakfast is the most important
meal of the day. Opportunity cost is leaving school early
d. Go to the movies or complete your portion of a group project
finishing the project is the best option because I want a good grade, I miss out on
watching the movie. (opportunity cost)
e. Go to a party at a friend’s house or go home early on a school night
Go home early on a school night will benefit me more academically.
Miss out on going to a friend’s house is my opportunity cost.

1. Based on your understanding of scarcity, please write a reflection explaining why

resources are scarce using sound economic reasoning. Please use an example from your
own life as part of your explanation.

Economic goods that hold value are very limited. This can be represented as scarcity and we try
to decide the best choice. Scarcity can be short of supply or storage. Resources are scarce
because not everyone can have them, it shows that the economy can be stable and not out of
control. When I was ten years old I got my United State’s residence. In the U.S residence is very
limited; it is very difficult to obtain one. If everyone was able to have one, then there would be a
lot of people in the county and it would change the economy and other factors. Now I am going
to get my citizenship which is also a scarce item, a lot of preparation and years in this country in
order to meet the requirements. In conclusion we make choices between different items because
the resources necessary to meet our wants are very limited.