Description of scarcity, Explain the trade-offs between any

Description of scarcity

Reference no: EM1315660

As you are getting ready for your first day of work, you realize that you have several options of how to get to work in downtown Minneapolis. You do not own a car, but you do have a motorcycle. You might take a bus, or you might walk to work although you live 5 miles away. You could really make an entrance in a limousine! You must get to work, so time is scarce; then again, you are also on a limited budget, so money is scarce. Explain the trade-offs between any three of these options. In other words, what will you gain, and what will you have to give up if you choose each of the three options? Is there another option you have not considered? How does this relate to the concept of scarcity in economics?

Reference no: EM1315660

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