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Scarcity and Decision-Making for a $1-$300 Product

Explore the concept of scarcity and its impact on decision-making while considering a purchase within the $1-$300 range. Understand why the item is scarce, analyze trade-offs and opportunity costs, examine the law of demand, elasticity of demand, and predict price fluctuations. Determine the feasibility of purchasing the item based on these factors.

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Scarcity and Decision-Making for a $1-$300 Product

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  1. What item will are you choosing to do your project about? (pick something from $1 to $300 that you are considering buying)___________________________. • Define Scarcity___________________. • What are some reasons why the item is scarce? • ___________________________________________ • What would be your trade off for buying this?________ • What is your opportunity cost? Why?

  2. What is the law of demand? As price. . . • Is the demand for this item generally elastic (definition___________) or Inelastic (definition___________) ? Why? • What is likely to happen to the price of this item in the next few weeks? • How will that affect your willingness to purchase it?

  3. Will you buy the item, after looking at all of these factors? • Why is that a good choice?

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