STEPS TO WRITE ESSAY 💡MAIN POINTS💡OVERVIEW
I. Introduction
- Definition of opportunity cost
- Explanation of limited resources and consumer choices

II. Scarcity of Resources
- Explanation of limited income and unlimited needs and wants
- Implication of scarcity on consumer choices

III. Opportunity Cost in Consumer Choices
- Example of a household choosing between education and vacation
- Explanation of the opportunity cost of choosing education

IV. Trade-offs in Consumer Choices
- Explanation of the trade-off between buying more of one product and buying less of another
- Example of a product that may be given up to buy another product

V. Conclusion
- Recap of the importance of opportunity cost in consumer choices
- Implication of opportunity cost on economic decision-making