1) What is a tradeoff you face in your daily life? An example of a tradeoff would be living in the city vs. living in the suburbs. (You are not allowed to use this one.)

2) What is the scarce resource in your tradeoff (from Question #1) that forces you to chose one or the other (reason you can't choose both)? An example of a scarce resource when deciding between living in the city vs. living in the suburbs could be commute time. If you work and live in the city, you will have a shorter commute time. As oppose to working in the city and living in the suburbs, you will have a much longer commute time. Is it worth the commute?

3) When considering the Circular Flow diagram, name a way that your family interacts in the "Factors of Production" market and a way that it interacts in the "Goods and Services" market.

I look forward to learning more about you by showing you how these Economic topics can apply to your life.

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