Question: Basic Economics 1. Time is an important resource in our everyday life. Each day has 24 hours within which all activities must be accomplished. Using

Basic Economics 1. Time is an important resource in our everyday

Basic Economics

1. Time is an important resource in our everyday life. Each day has 24 hours within which all activities must be accomplished. Using your notion of the concepts of scarcity, choice, scale of preference and opportunity cost, illustrate a typical daily routine and explain how time may be allocated among competing alternatives (23 marks)

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