Explain briefly but clearly the concepts of scarcity and opportunity cost. provide an example of opportunity cost from either your personal or professional experiences. remember to include explicit costs (able to be measured) and also implicit costs. then provide an example of an opportunity cost a whole country experiences when society or the government has made a choice.

The opportunity cost is the cost of the best rejected opportunity.

Let's suppose we are offer two jobs positions:

One is for 10,000 dollars per year

while another is for 100,000

The first job has an opportunity cost of 100,000.

Therefore while the goverment, friends and relatives thinks we earning 10,000 (explicit revenue) thus, doing tax income, asking for favor and loans on your "gains"

We are in fact lossing 90,000 dollars per year as we could be in the oother position earning a lot more.

The second job has an opportunity cost of 10,00 which the job we aren't taking for doing the current job.

In this case we are facing an implicit cost of 10,000.

From an economic point of view our gains are 90,000

While the explicit are 100,000 as it is not considering the opportunity cost of the factor.

answer(b) partnership';