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APA
Subject:
Social Sciences
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Essay
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English (U.S.)
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Topic:

Scarcity, Choice, and Opportunity Cost

Essay Instructions:

Think of a time when you were deciding whether to make a large purchase. What factors did you consider as you were making this decision? How might economic concepts like opportunity, cost, and scarcity apply to your decision?
Based on what you read this week, do you think that corporations, governments, and other large-scale social groups make economic decisions based on the same set of factors that you make your personal decisions on? Why or why not? Provide an example from the required materials or your own research to back up your ideas.
Please watch/read below link
https://www(dot)youtube(dot)com/watch?v=jQK0Xbfel-M
https://fhsu(dot)pressbooks(dot)pub/orientationpolisci/chapter/chapter-1/
https://openstax(dot)org/books/american-government-2e/pages/6-1-the-nature-of-public-opinion
https://www(dot)fordfoundation(dot)org/just-matters/just-matters/posts/how-to-encourage-better-and-more-meaningful-political-participation-in-the-us/
https://eds-p-ebscohost-com(dot)ezproxy(dot)umgc(dot)edu/eds/ebookviewer/ebook?sid=646c80c7-d7df-4215-ae40-1aa0f5c08c28%40redis&ppid=Page-__-25&vid=0&format=EK
https://eds-p-ebscohost-com(dot)ezproxy(dot)umgc(dot)edu/eds/ebookviewer/ebook?sid=54c5dca4-ae4c-40c8-83f8-c57083b82ebf%40redis&ppid=Page-__-37&vid=0&format=EK
https://eds-p-ebscohost-com(dot)ezproxy(dot)umgc(dot)edu/eds/ebookviewer/ebook?sid=baccfdad-7099-4cde-ba8b-6b555b61a8c2%40redis&ppid=Page-__-145&vid=0&format=EK

Essay Sample Content Preview:

Scarcity, Choice, and Opportunity Cost
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Scarcity, Choice, and Opportunity Cost
The scarcity of resources faces all economies, and therefore, people, businesses, and governments must decide how to use the available resources. Decision-making is the process of identifying possibilities and selecting an appropriate alternative in a given decision situation.
When I decided to buy a laundry machine for our family use last year, I considered several factors before making this significant purchase. They include:
* Cost of the laundry machine, alternative prices, and other hidden costs. In making the decision, I considered the amount of money I would spend to acquire the device and additional costs associated with receiving the machine, such as repair and maintenance costs and power costs. To do this, I had to calculate the cost per estimated use of the device. I also had to consider different sellers to ensure that I get the best price and if I will get value out of that price.
* Availability of financial resources- after considering the cost of the item, I had to think if I could afford the machine without taking a loan. To do this, the amount of money available must be...
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