Welcome, we are inquiring minds, to the thrilling, seedy side of economics! Today, we dive headlong into two of the most central concepts in economics: scarcity and opportunity cost. Think about these two as the Batman and Robin of the economic world, fighting against chaos arising from infinite wants with finite resources. Strap in; this ride will be both enlightening and a wee bit humorous.
Imagine that one lives in a world of imagination where everything one wishes for is available within no time. That sounds like a dream, right? However, we do not live in this world; we live in a world of reality, where resources are scarce, and desires are unlimited. This fundamental mismatch is what economists call scarcity. … Read Full Article
Scarcity and Opportunity Cost: The Fundamentals of Economics
