Module 1 Discussion Topic 1 – Scarcity, Choice and Opportunity Cost

Learning Goal: I’m working on a micro economics discussion question and need an explanation and answer to help me learn.


Scarcity is a basic fact of economic life and is a key component to the understanding of economics. Using what you learn in this module about scarcity, choice and opportunity cost, answer the following questions in a full response:

  1. How are scarcity, choice and opportunity costs related?
  2. Would even the most affluent people, businesses or countries still experience the problem of scarcity? Why or Why not?
  3. How do you feel you are impacted personally by scarcity?
  4. What opportunity costs are you faced with currently in the work and home activities you are involved in?

Where appropriate, cite examples from your text or other readings.

Rubric requires this below.

Post includes substantial and thoughtful content with appropriate terms and concepts learned in the course utilized. Post addresses fully the topic question.

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