Scarcity and Opportunity Cost of Being a Student

EMatthew Aqui Econ 131-Online Steve Moody 2 November 2012 Scarcity and Opportunity Cost of being a Student Scarcity and opportunity apostrophize is something that the entire man population faces every day. Without scarceness, opportunity cost would cease to exist and the survival of the fittests that concourse testament welcome to halt will always be prosperous because there would be no tall(prenominal) decisions or trade-offs. It is something that impacts society nowadays because the choices that people make will be based on what they charter or want.Whatever they choose to do, they will sacrifice an opportunity cost. Human ask will always be unlimited but the resources deprivationed to happen those needs will always remain limited. But what exactly is scarcity and opportunity cost? First off, scarcity is an economical problem in which people who will always birth unlimited wants and needs, will in any case face a limited amount of resources. Scarcity is something connected to only economical decisions because it is a worldwide problem. People make up to make hard choices to decide what to receive and what to discard.This is where opportunity cost comes in. Opportunity cost is the adjoining best choice that he or she decides not to do because of a give out choice. It is something that people give up to get something else that they want flush more. From what quite a little be said of scarcity and opportunity cost, both(prenominal) see to it in very salutary together. Scarcity forces people to make lump decisions on limited resources which lead to opportunity cost. Decision making will always be hard when people cannot always have what they want.Because resources are scarce, people will most likely choose the thing in which they need more. For example, if the price of a PC and a flat-screen HD TV were both on sales, people would have a choice of buying either one. If a person has enough money for only one, that person has to make a tough decision. If he or she chooses to buy the PC because it was the better alternative due to productivity and daily lotions, then the opportunity cost of buying the PC is to not receive the TV and lose the take a chance to buy the TV at a lower price.In addition, my personal application of scarcity and opportunity cost is something I can relate to curiously as a student in college. College is very expensive specially with the cost rising. But I choose to go to college because of the benefits it provides for me for the future much(prenominal) as receiving a college degree to find a job. My other choice is to not go to school but to start working already. I can save up on money I do not have at the moment and use it to either confront off of or save up for college later on. I could in like manner choose to go to school and to work.The benefits are really great by acquiring an education and to also have an income. The costs to it is that I have to sacrifice other things such as having a recreational beat with friends and family in order to make season for both school and work. At this point, I choose to go to school because I feel that getting an education early and issue into the work force as curtly as possible is my best option. If I were to work now and not go to school, I would have to wait before I can get my degree and wait even longer before I can find a job in my major.I feel that by only going to school, I will have more time to study which will benefit me even more by doing well in school. I would have less things to worry about. Scarcity is something that everyone is going to face in their lives whether its important or recreational. Sometimes we have to sacrifice certain things to gain the most out of something. We cannot always have everything that we want so we use the concept of an opportunity cost to servicing us decide which choice is the better one. One way to delineate down our opportunity cost to look at the things we want and the things that we need now.