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1. Scarcity Scenario: Imagine you're on a deserted island and can only bring three things. Knowing that resources are limited (scarce), what factors would you consider when making your choices? 2. Choice Challenge: You have $100 to spend. You can either buy a new pair of sneakers you've been wanting or go to a concert with your friends. What are some opportunity costs you'd need to consider in this situation? 3. Real-World Application: Scarcity isn't just about money! Think about a time you had limited time or energy. How did you decide how to allocate those resources? What opportunities did you have to forgo?

1. Scarcity Scenario: Imagine you're on a deserted island and can only bring three things. Knowing that resources are limited (scarce), what factors would you consider when making your choices? 2. Choice Challenge: You have $100 to spend. You can either buy a new pair of sneakers you've been wanting or go to a concert with your friends. What are some opportunity costs you'd need to consider in this situation? 3. Real-World Application: Scarcity isn't just about money! Think about a time you had limited time or energy. How did you decide how to allocate those resources? What opportunities did you have to forgo?

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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1. Scarcity Scenario: Imagine you're on a deserted island and can only bring three things. Knowing that resources are limited (scarce), what factors would you consider when making your choices? 2. Choice Challenge: You have $100 to spend. You can either buy a new pair of sneakers you've been wanting or go to a concert with your friends. What are some opportunity costs you'd need to consider in this situation? 3. Real-World Application: Scarcity isn't just about money! Think about a time you had limited time or energy. How did you decide how to allocate those resources? What opportunities did you have to forgo?
Transcribed Image Text:1. Scarcity Scenario: Imagine you're on a deserted island and can only bring three things. Knowing that resources are limited (scarce), what factors would you consider when making your choices? 2. Choice Challenge: You have $100 to spend. You can either buy a new pair of sneakers you've been wanting or go to a concert with your friends. What are some opportunity costs you'd need to consider in this situation? 3. Real-World Application: Scarcity isn't just about money! Think about a time you had limited time or energy. How did you decide how to allocate those resources? What opportunities did you have to forgo?
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