Question

its the week before final exams, and alicia is looking forward to graduation. however, she knows the week will be stressful. in addition to studying hard for her exams, her manager at work called and asked her to work an additional 15 hours. her softball coach scheduled double practices to prepare for state finals. her aunt has asked her to babysit her niece a few hours each night. on top of all this, she wants to spend some much - needed quality time with her friends. alicia wishes there were 86 hours in a day instead of 24.
scenario 2
a small nations economy depends on oil. the countrys earnings have declined greatly because of a recent drop in oil prices. the government uses these earnings to provide free education to all citizens under the age of 25. the country also uses its earnings to provide free health care and to provide benefits for retirees. the government also uses part of its earnings to help a neighboring country recover from a natural disaster. the president of the country imagines how much he could help his citizens if there werent any budget restrictions.
part a
what do alicia and the president have in common?

Explanation:

Alicia has limited time (24 hours a day) but multiple demands (studying, work, softball, babysitting, friend - time). The president has limited budget (due to oil price drop) but multiple uses (education, healthcare, retiree benefits, helping neighbor). Both face the economic concept of scarcity. Scarcity means having limited resources (time for Alicia, money for the president) but unlimited wants (Alicia's various activities, the president's multiple uses of funds).

Answer:

Both Alicia and the president face the problem of scarcity. Alicia has a limited amount of time (24 hours in a day) but multiple activities she wants to engage in (studying, working extra hours, softball practice, babysitting, spending time with friends). The president has a limited budget (due to the drop in oil - price - related earnings) but multiple uses for the money (providing free education, free healthcare, retiree benefits, helping a neighboring country).