Economics
Scarcity and Opportunity Cost
Quick fact
Scarcity is the basic economic problem: unlimited wants vs. limited resources. Opportunity cost is the value of what you give up when making a decision.
Why this is interesting
Imagine you have only $10 to spend, but you want a new phone, a concert ticket, and a book. How do you decide what to buy? You’re facing scarcity—and every choice has an opportunity cost.