1. In the first four weeks of this course, you have learned about economic concepts such as supply and demand, scarcity,

tradeoff decisions, international trade, opportunity cost, and compound growth. Think about the economic concepts you

encountered in the readings for the first three weeks, or those you know about from previously learning or research. These

could include concepts such as supply and demand, scarcity, tradeoff decisions, inflation, and opportunity costs. Choose at

least one economic concept and describe how it is relevant to the scenario and your two budgets.

Write your response to question 1 here.]