Please answer all of the following questions in 300 words total and include a PPF graph that illustrates your example . Be sure to describe the graph.
1. Explain in detail an example of scarcity, choice and opportunity cost from your own life.
2. How can trade offs such as these can be illustrated by the Production Possibilities Frontier Model?
3. Include a graph of your PPF curve. Explain the graph in detail and how it relates to your analysis.
4. Choose two of the Five Foundations of Economics and provide real-life original examples of these two principles (and perhaps even explain how they relate to your life). Include original examples (which we have not already discussed) and a detailed explanation.
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