The concept of scarcity, choice and opportunity cost that is linked to my school dilemma is that goods is scarce if my choice of one alternative need that another to be given up.
The existence of alternative is known to be one that forces us to make any kind of choices. The opportunity cost of any choice is seen to be value of the best alternative that has been forgone in creating it.
Due to the fact that human resources are scarce, the opportunity cost of any form of investment in capital is said to be the forgone present consumption.
Hence, it is often used efficiently. In course of economic recessions, industrial plants are known to often run at lower than their total capacity.
Hence, The concept of scarcity, choice and opportunity cost that is linked to my school dilemma is that goods is scarce if my choice of one alternative need that another to be given up.
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