In a Google Doc or a Codepen, a 500-750 word essay answering:

  • What is economics?
  • How do limited natural resources lead to the development of economies?
  • Why is scarcity the biggest problem faced by all economies?
  • How does scarcity affect the price, production, and consumption of goods?
  • A study found that:

    A person with a one-hour commute has to earn 40% more money to be as satisfied with life as someone who walks to the office. On the other hand, for a single person, exchanging a long commute for a short walk to work has the same effect on happiness as finding a new love.

  • Explain why finding using the idea of opportunity cost.
  • In fewer than 140 characters, explain this graph:
  • You should use your notes, and cite any sources as links.