Identify the kinds of things you purchase with your money. Now, think of as many alternative uses for your money as you can. If you have not done this often, begin doing it little by little, even for small purchases such as a pack of gum or can of soda. How does this relate to opportunity costs? How do your decisions relate to scarcity? Analyze the relationship between your purchases and budget constraints. How does this impact the circular flow model? Explain reasoning and show it graphically, utilizing the circular flow model. You may use yourself as an example to demonstrate this in the circular flow model.

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