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- Explain why scarcity leads to tradeoffs.What is scarcity? Can you think of two causes of scarcity?Define each of the 5 concepts of scarcity, choice, opportunitycost, rational behavior, and marginalism (6% each). Then, foreach concept, give an example (6% each) to show that youunderstand it. i need in words (not handwritten) no copy paste please plagrism free text
- a. According to economic theory, society makes an important tradeoff between scarcity, choice and opportunity costs. Carefully discuss this tradeoff with relevance to health economics. b. A reputable doctor quits his job, which pays $77,000 a year, to open a non-governmental organization (NGO) to serve the needs of orphans. His annual expenses for the NGO amounts to $62,700 for food and daily supplies $9,400 for maintenance, and $1,800 for books. i. What is his opportunity cost of opening the NGO? (Show working) ii. What core economic principles are considered in the doctor’s decision making?Law of increasing opportunity cost: a. Explain it. b. What does it teach us? c. How could it be explained graphically?Economics is concerned with A. All the given answers B. the effects of changes in opurtunity cost on decisions C. the competition that scarcity makes necessary D. the choices people must make because resources are scarce
- Jamie has enough money to buy either a Mountain Dew, or a Pepsi, or a bag of chips. He chooses to buy the Mountain Dew. The opportunity cost of the Mountain Dew is A) the Mountain Dew. B)the Pepsi or the bag of chips, whichever the highest-valued alternative forgone. C) zero because he enjoys the Mountain Dew. D) the Pepsi and the bag of chips. E) the Pepsi because it is a drink, as is the Mountain Dew.explain na link between scarcity and choiceWhy is the economic concept of scarcity a crucial onefor businesspeople to understand?
- a. Explain why scarcity leads to tradeoffs. b. What is the difference between positive and normative analysis? Which of the following statements would entail positive analysis, and which normative analysis? i. Internet auction companies will erode the profits of local automobile dealerships. ii. The government should impose special taxes on sales of merchandise made over the Internet. c. Why is the circular flow model important?2. In weighing the costs versus the benefits of the decision we make we realize: Group of answer choices A. people face trade-offs B. goods are scarce C. households hate to make decisions D. we all must earn income to eatJohn has $100 to spend and wants to purchase either a pair of trousers or a T-shirt. He can only purchase one of the two as each of the items cost exactly $100. If he chooses to buy a T-shirt, what is the opportunity cost of buying the T- shirt? A. the cost of the T-shirt the B. T-shirt and the pair of trousers C. $200 D. the alternative forgone (the pair of trousers that he could not buy)