Does the concept of scarcity apply to everyone, even billionaires? Why or why not? Explain

QUESTION 1:
Give an example of how the Principle of Opportunity Cost applies to your life. Think of a recent decision you made. It could be a decision as simple as whether to eat out or cook your own dinner, or it could be a decision to quit your job and go back to school. What alternatives did you consider? How did you arrive at your final decision? Did you implicitly weigh marginal cost and marginal benefit? How does the concept of opportunity cost apply to production possibilities curve (PPC) analysis? How can we use PPC analysis to examine what we do?

QUESTION 2:
Does the concept of scarcity apply to everyone, even billionaires? Why or why not? How does the concept of scarcity relate to the four factors of production? Explain why scarcity is fundamental to the definition of economics.

QUESTION 3:
Think of a business firm you recently visited (such as Walmart, Home Depot, Red Lobster, Barnes & Noble, McDonald’s, etc.). What motivated the producers of all the individual products in the store to make them and offer them for sale? How did the producers decide on the best combinations of resources to use? Who made those resources available, and why? How does the market determine who will get the goods and services? Who decides whether these particular products should continue to be produced and offered for sale? How do these decisions differ between capitalist and socialist systems?

QUESTION 4:
Think about how you encounter the factors of production in your profession or field of study. Can you relate each factor of production to your field? Some economists argue that Entrepreneurial ability is the most important factor of production. Do you agree or disagree with this statement