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Explain why the scarcity of resources causes people and nations to consider opportunity costs and trade-offs...

Explain why the scarcity of resources causes people and nations to consider opportunity costs and trade-offs among choices. Give a personal example of an opportunity cost that you have faced and the impact of the decision you made.

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Scarcity of resources can be regarded as the prime reason for opportunity cost as you're allowed to choose only one alternative among two and leave the other due to the inability of you to pay for both. This happens only because resources are scarce. One important decision regarding opportunity cost in my life is opting for graduation over work where the opportunity cost is the amount lost because I've not worked and here the limited resource is time and this indeed allowed me to pursue education where I would come up with more engaging salary than my opportunity cost which is a good sign and the decision I've taken is correct

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