Answer the following questions based on the scenario and Budget 1 and 2: 1. In the rst four weeks of this class you have learned about several economic concepts and how they impact daily living. Choose one economic concept from this list and explain how it is relevant to your friends' budget situation: Supply and demand Scarcity Tradeoff decisions International trade Opportunity cost Compound growth 2. How did expenditures change between budgets? Which expenditures changed the most? Which expenditures changed the least? Which stayed the same? 3. What were the economic trends that created the need for your friend's family to change their expenditures? What can you infer about the connection between prices and expenditures, based on the economic concepts you have learned