understanding of scarcity, opportunity cost, and opportunity benefit, economics homework help

Goal

You will construct an argument displaying your understanding of scarcity, opportunity cost, and opportunity benefit.

Role

You have a wealthy uncle who is also a retired Economic professor. He has decided to give one of his nieces or nephews $10,000. He wants to be convinced that the recipient will use sound Economic reasoning in regards to how they would use the money.

Audience

Your uncle, the retired Economics professor, is the audience. You need to persuade him that the $10,000 should be yours!

Situation

You are in competition for this money. He wants a letter from each of his nieces and nephews outlining how the money would be used. Your letter is in competition with your siblings and/or cousins. You have an advantage they do not have- you are taking an economics course. In your letter, you will use economic reasoning and vocabulary. He is also fussy about conventions-your letter has to be free from errors in grammar and spelling so that your credibility is not compromised.

Product, Performance and Purpose

The product is a persuasive letter to your uncle. It should be three to five paragraphs long. You want your uncle to see not just your final decision about how you would use the money, but how you came to that conclusion. You are to discuss the top two choices you struggled with and how and why you arrived at your final decision.

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