Decisions, Decisions: How Scarcity Impacts Choices
How does scarcity affect Trey?
a. Time is scarce so Trey must decide whether to buy the car as soon as possible or to keep his position on the team.
b. Shifts at the restaurant are scarce so Trey must find a second job in order to save up enough to purchase the car.
c. Positions on the school basketball team are scarce so Trey must quit his job and practice harder to stay on the team.
d. His uncle’s car is scarce so Trey must purchase the car before demand causes the price of it to rise significantly.
Answer:
Trey is facing the impact of scarcity in various aspects of his life. Time, shifts at the restaurant, positions on the basketball team, and the availability of his uncle’s car all present constraints that influence his decision-making process.
Scarcity plays a significant role in Trey's situation. With limited time after basketball practice and work at the restaurant, he must carefully consider how to prioritize his commitments and allocate his resources effectively. The scarcity of shifts at the restaurant means that he may need to explore alternative sources of income to achieve his goal of purchasing his uncle's car.
Furthermore, the scarcity of positions on the school basketball team adds another layer of complexity to Trey's decision-making process. Choosing between maintaining his role as team captain and taking on extra shifts at work requires careful consideration of his priorities and long-term goals.
In the case of the scarce item, his uncle's car, Trey must weigh the potential consequences of delaying the purchase against the risk of losing the opportunity altogether. The concept of scarcity underscores the importance of making informed decisions and prioritizing resources based on their relative scarcity and value.