Application of the theory:
A real-life situation where you explain the concepts abovementioned responding to the question of how has the coronaviruscrisis affected your budget constraint.
- Example/Explanation of personal scarcity and choice(s).
- Example/Explanation of personal opportunity cost due topersonal choice(s).
- Example/Explanation of personal expansion or contraction oftheir budget constraint.
- Conclusion of reflection about the effect of coronavirus ontheir life.
