s noted in Chapter One, the main economic problem isscarcity. Due to scarcity, we can't have everything we want. Therefore, we have to make choices. This is true for all individuals (rich or poor) and all countries (developed or developing). In order to allocate the limited resources in the most efficient way, we have to be systematic and deliberate in making choices. Economics studies the choices we make.To begin this discussion, what is your understanding of opportunity cost? What isyouropportunity cost of attending college? How is the Production Possibilities Frontier (PPF) used to explain choice, tradeoff, and efficiency? While completing the assigned readings, which other concepts stood out to you?

*Read and Chapters 1 and 2.

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