This will you will be able to explain the topics of scarcity and opportunity cost. You will also be able to apply the concepts of scarcity and opportunity cost to the world around you by describing real-life experiences with these two concepts.
Watch two of the following videos to get a foundational understanding of important concepts for economics
Opportunity Cost & Cost/Benefits
Read one article, summarize and reflect on the concept of each:
Why Are There Toilet Paper Shortages around the World?
Airlines are doing away with middle seats and beverage service
Respond to the following questions:
List five decisions you have had to make in the last week. Explain why you chose what you chose and what your opportunity cost was.
Describe how the idea of scarcity impacts consumer behavior.
Describe a time in the last few weeks where you have experienced scarcity of a traditionally available commodity (try to use an example other than toilet paper). How did this scarcity impact you?