Scarcity is a basic fact of economic life and is a key component to the understanding of economics. Using what you learn in this module about scarcity, choice and opportunity cost, answer the following questions in a full response:

1. How are scarcity, choice and opportunity costs related?
2. Would even the most affluent people, businesses or countries still experience the problem of scarcity? Why or Why not?
3. How do you feel you are impacted personally by scarcity?
4. What opportunity costs are you faced with currently in the work and home activities you are involved in?