Set up a yoghurt ice cream store after 'A' Levels Exam – PDG 32 Group 1

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

Hey! We can chat here.

hey

good

okay first qns,

how to start drwing ar?

haha

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

where is wanrui?

i do scarcity

you do choice first

she on her way to use comp

i do opportunity cost first

HI GUYS!

Choice

In view of the issue of scarcity, a choice has to be made to allocate scarce resources so as to maximise the satisfaction of the most wants

choice- combinations attainable

oh, I thought choice is more of the 3 questions?

BTW did you add crystal? It's under "share", right?

yup

added

okay i think i got her email wrong

LOL yeap. added her (:

okay. regarding the choice thing, do we have to say what choices are there?

YEAP

For whom to produce?

Consumers with changing tastes and preferences - ice cream yoghurt is the healthier choice compared to other types of dessert.

Higher income Singaporeans

How to produce?

Capital-intensive

Large use of yoghurt machines to make ice-cream yoghurt.

What to produce?

Ice-cream yogurt

Scarcity

Can i say that there is scarcity cos its unique and the onl stall selling?

scarcity cause3 there's a lack of resources to produce the froyo!

uhm

in terms of input factors. omg this chat thing is so complicated

so its the milk?

cos its high in demand?

no no, cause the same factor can be used to produce smth else

....so technically speaking, scarcity results from goods in competitive supply?!

HOLD ON let me ask my friends

huh? omg im confused!

NONO ignore me

omg so confusing :(

so is millk

and money(investment capital)

is it?

LOL sorry sorry guys. k scarcity results from LIMITED resources and unlimited wants......

ehhm.

yes..

money shouldn't be counted under scarcity

milk is

YEAH

so is it just milk?

hmmm.....

er no

"other raw materials" can?

LOL jiayi did you just answer your own question!

yeah because nobody replied me@

LOLOL

what else is involved in the production of froyo

THAT'S IT I'M GOOGLING FROYO

SUGAR

i googled too hahaha

LOL. yogurt culture

yeah

animal gelatin

HAHAHA do we actually add these in

idk leh ..

LOL OK

we habe to addi it in?

because there is nothing much more to add..

LOL yes HAHAHAH just add it in lor

okay..

yeah okay

then we have to explain it?

OH. I think we need to say smth like, with rising demand in foryo (tastes and pref), we're unable to meet the UNLIMITED dd cause........factors of impur are limited

but it;s quite redundant, isn't it v commonsensical!

okay, hey wanrui,

CHOICES

Haha, Mdm woon syad econs is basic commonsense made diff with terms..

faith are you there?

okay can

yeah.

im trying to figure it out

huh. I'm lost

yes me too

k

where to go after scarcity

i think after this we can work on the 2nd mind map now>

so you mean we should do second mindmap now?

yeap

unless you have other things to add here?

nope

let's move on

okay

(:

if we have anything to add, then we can always come back here before the hols end (

how to create new mindmap uh

loLoloololo i'M TRYING TO FIGURE THAT OUT TOO HAHAHAHA

Situtation whereby limited resources available are unable to satisfy the unlimited human wants.

Capital of Setting Up Yoghurt Store

Opportunity cost

cost of any action/decision measured in terms of the highest valued alternative forgone

Setting up a Yoghurt store at AMK

Opportunity Cost: Not being able to go to University to have a better education which may translate into future employment opportunities et al.

Going to university

hi wanrui!

ugh

how to use this thing

I work on choices kkk!

Hey wanrui!

yeah!-.-

okay!

i rather use paper

me too

so why scarcity ar?

Opportunity Cost: Not being able to set up Yoghurt Store to reap tangible benefits such as income from the sale of Yoghurt.