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2 Scarcity, Opportunity Cost, Trade Offs, & Ppc
The document discusses key economic concepts like scarcity, opportunity cost, and trade-offs. It explains that scarcity means the inability to satisfy all wants, and opportunity cost refers to the best alternative given up when making a choice. Several questions are also posed about applying these concepts, such as what the opportunity cost is of spending time studying different subjects or what resources might be scarce for a factory owner.
![Lesson 5--mb-vs.-mc[1]](https://cdn.slidesharecdn.com/ss_thumbnails/lesson-5-mb-vs-mc1-130409195932-phpapp02-thumbnail.jpg?width=640&height=640&fit=bounds)
