Central problem of economics

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Central problem of economics

sup, you guys can see me here?

can

see as in?

What we nee do now?

ERRR

Start doing?

I guess so?

and thinking?

... o0

OH YA

i forgot the questions but we are supposed to separate into two diff maps

Q1: Explain the concept of scarcity, choice and opportunity cost when you are deciding whether to set up the Yoghurt ice cream stall.

Opportunity cost

From the Society's perspective

Giving up the next best alternative when scarce resources like buildings and electricity for lighting are used to teach me during university and the very same resources cannot produce the next best output possible (Eg. healthcare)

From my perspective

Giving up the next best alternative, in this case the forgone income from the best job i can get with my A level results when i choose to go university.

Choice

Opening a yoghurt Ice Cream store at Ang Mo Kio instead of choosing to go university

Scarcity

unlimited wants

Opening a yogurt ice cream stall in Ang Mo Kio

going to the university

limited resources

Resources is also scarce as i will only have a limited amount of capital, land, raw materials and labour.

Time is scarce as it is impossible to have time to study in University as well as to manage a yoghurt Ice Cream store