In what ways does "scarcity" play a role in your daily life and decision making?

Question

In what ways does "scarcity" play a role in your daily life and decision making?

In answering this question everyone should also consider discussing:

How the invisible hand of self interest influences our decision making
The four principles that guide choices made by individuals
Explaining how trade-offs and opportunity costs fit into the decision making process
Possibly look at charting a Production Possibility Frontier that illustrates a specific decision

Dr. Smita · Accepted Answer

In what ways does "scarcity" play a role in your daily life and decision making?
Scarcity, in economics is defined as the lack of resources in comparison to the needs and demands of an individual. Everyone faces the problem of scarcity in their day to day decision making. In my case, I often face the problem of lack of time in hand to complete various task like office work, studies, households’ chores and enjoying my leisure time at hand.

In what ways does "scarcity" play a role in your daily life and decision making? In answering this question everyone should also consider discussing: How the invisible hand of self interest influences...

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