CSEC Economics: Scarcity, Choice and Opportunity Cost Explained

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Full transcript

Imagine you have one hundred Trinidad and Tobago dollars. You want to buy lunch, top up your phone and save some money, but you cannot afford to do everything. Scarcity occurs because resources are limited relative to unlimited human wants. Because resources are scarce, you must choose: a textbook, headphones or saving your money. Opportunity cost is the value of the next best alternative forgone when a choice is made, like giving up part-time earnings to attend a revision class. Scarcity leads to choice, and choice creates opportunity cost, the next best alternative forgone. Subscribe to Blueprint Learning Academy for more Economics lessons. Remember: Where Life Meets the Syllabus.

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