Question

The Environmental Protection Agency is considering an order that a acre a the outskirts of a large city be preserved in its natural state, because the area is home to a rodent that is considered an endangered species. Developers had planned to build a housing development on the land. (source Principles of Economics, University of Minnesota open library) The lond is scorce resoute beame ihes altemative unes Here eo 500 thoose betueen tuo atenmotive wes of tond ether using os nestel hobi tot erehe ppotit hnsig develpment s the teven v rectel r 13. Identify the elements of scarcity, choice, and opportunity cost in each of the following: The manager of an automobile assembly plant is considering whether to produce cars or sports utility vehicles (SUVs) next month. Assume that the quantities of labor and other materials required would be the same for either type of production. (source Principles of Economics, University of Minnesota open library) 14. Identify the elements of scarcity, choice, and opportunity cost in each of the following: A young man who went to work as a nurses' aide after graduating from high school leaves his job to go to college, where he will obtain training as a registered nurse. (source Principles of Economics, University of Minnesota open library)

plz solve question 14 thank u

Answer 1

Economics is the study of how people use scare resources to satisfy unlimited wants.At the core of economics is the study of how people use scare resources to satisfy unlimited wants.At the core of economics we get the idea that our world is a place plagued with scarcity,that is we do not have all the resources we want.As a result we must make choices.When we mke a choice that choice necessary means that we have to give up some thing.Some thing we give up is called oppurtunity cost.

In the question 13 the scarcity was that their is only same availability of labors and other materials.Choice was that weather to produce cars or sport utility vehicles.the company want to give up either cars or sports utility vehicles.It was the opppurunity cost.

In the question 14 the young man forces to leave the job for going collage.It was the scarcity there.His choice was that either he can continue his job or have to go collage.The young man leaving his job in order to go to collage.It was his oppurtunity cost.