1. What determines whether or not a resource is scarce? Why is the concept of scarcity important to the definition of economics?

 1. What determines whether or not a resource is scarce? Why is the concept of scarcity important to the definition of economics? 

2. In the coordinate system of graphs, there are two main relationships between two variables. With the use of numerical examples, describe these two relationships. 

3. Why is choice important in economics? What are the costs of choice?

 4. How relevant is economics in our everyday lives?