a) Why does choice arise in Economics? Use one example (but not the housing market) to discuss the concepts of “rational choice” and “opportunity cost”.
b) What do you understand by the law of demand? Pick a product (but not the housing market) and discuss two factors, which, in your opinion, would cause the demand curve to shift to the left. Can you think of two other factors that would shift the supply curve of your product to the right?
(Please limit your presentation to 10 minutes or less)
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