Describe the term scarcity

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1-Briefly describe the term "Scarcity" and provide two practical examples of this concept. What does Scarcity force people to do? Please explain.

2-Amber has $150 to provide for one of two spending choices: (a) A new Economics textbook or (b) A ticket to a Sean Mendes concert...

A-If Amber decides to go to the concert, what accounting cost and opportunity cost does she face? Please explain.

B-What is Amber's opportunity cost of buying the textbook?

C-Is there any way that she can avoid facing an opportunity cost? Explain.

Reference no: EM133084300

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