What item will are you choosing to do your project about? (pick something from $1 to $300 that you are considering buying)___________________________. • Define Scarcity___________________. • What are some reasons why the item is scarce? • ___________________________________________ • What would be your trade off for buying this?________ • What is your opportunity cost? Why?
What is the law of demand? As price. . . • Is the demand for this item generally elastic (definition___________) or Inelastic (definition___________) ? Why? • What is likely to happen to the price of this item in the next few weeks? • How will that affect your willingness to purchase it?
Will you buy the item, after looking at all of these factors? • Why is that a good choice?