By JADEYN CONTRERAS
Staff Writer
If you were interested in knowing what I’ve been learning in economics I would tell you about scarcity. I would tell you that to know if something is scarce you need to ask three things: is it desirable and limited, is there more than one use for it, and would people pay money for it. In other words, scarcity is not having enough resources or being in a shortage. A lot of things can be scarce if you ask them those questions because almost everything is. Labor is a scarce thing because there is only a limited number of people willing and able to work. Another thing that is scary is money. Money is limited and desirable and can buy almost anything. Everyone must make decisions on how to use their money wisely. I’ve also learned what Opportunity cost is. Opportunity cost is the value of the second-best choice that you didn’t take because of the consequences and the benefits outweighing each other. And with every choice you make there is an opportunity cost.