Explain how scarcity, tradeoff decisions, or opportunity costs are relevant to Charles and Ebony’s budget

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Explain how scarcity, tradeoff decisions, or opportunity costs are relevant to Charles and Ebony’s budget

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Adefunkeadewoleid Adefunkeadewoleid · Answer 1

Scarcity is relevant to Charles and Ebony's budget because it helps them make a decision on how to spend their money on the urgent needs while ignoring the other important things which comes with a burden of future cost.

Tradeoff decisions would help Charles and Ebony to analyze the amount of money that they must set out every month for essentials, and discretionary money which is the money left over.

Opportunity cost

Opportunity cost looks at affordability given the prices of goods and the individual's income. Opportunity cost measures cost in terms of what must be given up in exchange.

Therefore the factors of scarcity, tradeoff and opportunity cost will affect Charles and Ebony's budget because they have to factor in the effects of these economic forces on the budget.

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