is assngnmentyou will uhtbvr the' p'racticaiity of economlc Ilter'acy - decision-making, aligning with the Unit Learning Outcomes (ULO): Explain the concepts of scarcity and opportunity cost and how they relate to the definition of economics. Imagine yourself as a full-time student, meticulously managing academics, work, and personal responsibilities. Your monthly budget is carefully allocated to cover essential expenses like tuition, rent, groceries, transportation, and investing in your education. Now, picture this scenario: one evening, you're faced with a decision. On the one hand, there is a scholarship opportunity to further your studies in your chosen field. On the other, there is a part-time job offer that aligns perfectly with your career goals. Both choices are attractive, but you can only pick one because of certain limitations. 1. Explain how the scenario showcases scarcity in your life. What specific resource was limited, and why was it crucial in your decision-making? 2. Discuss the trade-offs (or alternative options) you considered when making your decision. Identify the opportunity cost associated with your decision. 3. Reflect on a different personal or professional scenario where scarcity and opportunity cost played a role. Discuss the scenario and explain how scarcity and .opportunity cost influenced your decision-making. ' 4. How do these concepts link to the broader field of economics, and why are they fundamental to understanding economic principles