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In: Economics

Explain your opportunity cost of taking this course. When looking at the decisions that you have...

Explain your opportunity cost of taking this course. When looking at the decisions that you have to make, are you more concerned on your lost time or money. Analyze the role of scarcity in your daily life.

I need 3-4 paragraphs, must have at least an in-text citation and reference in APA formatting

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Expert Solution

Opportunity cost is the cost of next best alternative foregone. Thus, the opportunity cost of choosing this course would be the loss that had happened from not choosing the next best course.

There is a scarcity of natural resources in the global economy. Several governments are even trying to achieve the aim of sustainable development. One of the most important natural resource that is scarce now is water. Considering that, it affects our daily life very adversely. Some of these effects according to Bureau of economic statistics are-

  1. One of the major effects that human experience in daily lives is unavailability or shortage of drinking water in several areas.

  1. Water scarcity causes diseases. Water helps us to bathe and kills the germs present in our body. Shortage of water has consequences of other diseases also.
  1. Sanitary problem is an another problem that is experienced. Water scarcity cause problems with cleaning dishes, and clothes which makes things unhealthy at home.

Rahul Sunny answered 8 months ago
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