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The text explains the core economic concepts of scarcity and opportunity cost.

· Scarcity is the fundamental economic problem: our desires for goods and services are unlimited, but the resources (land, labor, capital) available to produce them are limited. This problem exists for all societies, rich or poor.
· Because of scarcity, choices must be made. Economics is defined as the study of how people make choices to use scarce resources to satisfy their unlimited wants.
· Opportunity cost is a direct result of scarcity. It is the value of the next best alternative that you sacrifice when you make a choice. For example, the opportunity cost of spending an hour studying is the hour of swimming you give up. It is a crucial concept for evaluating decisions, as it measures the true cost of any choice in terms of what you must forgo.


Teacher I sent them in this way since I can’t download any photo or file since they say for me, the file is so big

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