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The Concept of Scarcity, image, image, image - Coggle Diagram
The Concept of Scarcity
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Rachel's
As a junior, we have to take SAT, AP and IELTS tests this year for the preparation of college admission; therefore, TIME is scarce for us.
We have to manage our time to study for all different subjects and classes, including the time to complete all assignments on time and make sure be able to receive good grades.
If we choose to use our time to STUDY, the opportunity cost of this decision is losing the time we were able to spend with our friends. Our friends might feel distant with us if this situation continues to happen.
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Also, as teenagers, we also use our time to be in contact with our friends, such as spending weekends to hangout.
If we choose to spend time hanging out with our friends instead of studying for the upcoming exams, the opportunity cost might be failing the exams or tests; or we would be forced to study all the materials in a rush, which might not result in receiving good grades.
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As students, we still rely on our parents on money for living. We will get certain amount of money from our parents each month for us to buy the things we want or need.
Since money is limited for us, we have to decide what to buy: whether the products is really what we need or is it only a thing we want?
We also have to consider how to manage money: where to spend it and how much we would have left if we spend it
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