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1) What is a tradeoff you face i your daily life? An example of a tradeoff would be living in the city vs. living in the subu
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Answer #1

1) A trade-off I face in my daily life is to decide between working and preparing for entrance exams for my masters.

2) The scarce resource in this situation is money. If I were to work right now I would earn a decent amount of money. But if I get a masters degree then I can earn much more money in the future. Thus I am trading off earning money in the present in order to earn more money in the future with better job prospects.

3) In the Circular Flow of Diagram, my family interacts with factors of production market by providing labour, which is an important factor of production along with capital which is used for investment.
My family interacts with the Goods and service market by paying money to purchase finished goods and services provided by firms.

Attached as an image in a circular flow diagram.Finishe Finished product Product Goods & Services / market cash Cash | Frams HOUSEHOLD Cash Cash & Factor - market Labour, ca

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