Reflection - intro to economics: scarcity,choice,opp cost

	What I Know	What I Want To Know	What I Learned
Noor Arfa	Scarcity is when there is insufficient amount of resources to satisfy unlimited human wants. Therefore,  it requires 3 basic economic question before choices are made: what to produce, whom to produce, how to produce. Also, need to take note of the next alternative forgone.	I’m still not so sure about how the PPC graph works and how to use it.	Before making any decision, one must consider the choices made first; if the resource can be for better use. This is to avoid any wastage to occur. Therefore, one really need to make a very wise and smart decision.
Shi Yi	I know about Scarcity, Choice, Opportunity Cost, and that the idea of Scarcity, Choice and Opportunity Cost are applied in different case studies. I also know that using a mindmap would be easier for us to know what are Scarcity, Choice and Opportunity Cost in different case studies as it will vary. PPC is also used as a gauge to illustrate the economic situations.	I want to know more about different case studies which PPC are used to illustrate the economic situations as well as the different types of questions that make use of the terms that are covered when talking about PPC.	I have learnt about the factors of production (Capital, Entrepreneurship, Land, Labour) which are applied in different forms of case studies ; 3 questions – What to Produce, How to Produce, For Whom to Produce before making a Choice, are applied in every situations ; and Opportunity Cost which occurs in every economic situations because there are always unlimited wants that are not satisfied, thus resources that are available to meet the unlimited wants are limited ; I’ve also learnt about the different types of PPC which are used to show the economic situations in different economy and different terms that are used.
Shun Yong	Scarcity refers to unlimited wants, limited resources. Opportunity cost is the next alternative forgone	I not sure about the choice so I want to know more about the choices to make	I have learnt that there are not enough resources to meet unlimited wants.. so the government must make the right decision which will benefit people more
Wei Yuan	i know that scarcity is dependent on the resources , as we have our limited resources , however we got unlimited wants thus there is scarcity ... For choice , i learned that since we got limited resources the choice on how to use these limited resources are important , etc what to produce and how are the consumers and how to produce . Opportunity cost is the sacrifice of the other choices that was an alternative to the final choice	I want to learn how scarcity is directly link to both the macro and mirco economy and how it can improve the economy and what is the impact on daily life	i have learned to understand the concept of scarcity , choice and opportunity cost better through the use of ppc graph . i also learn that they play a important art in the economy and external factors can change them such as advanced technologies can help to boost the production rates
Yuan Yan	Scarcity is unlimited wants and limited resources. Choice is made based on how to satisfy people wants	I want to know to what extend scarcity, opportunity cost and choice is important	All these let me consider the consequences of each decision I made, so I won’t make any reckless decision that will cause any regret.