Question

Students must choose to use their time after school either to work, to complete homework, or to relax. Which concept does this illustrate?

altruism
B
scarcity
C
marginal return
D
comparable worth

Answer 1

The best answer is B) Scarcity

Scarcity refers to the fact that we do not have an unlimited amount of resources with which to obtain the things we want. In this case, students have various obligations and desires, such as working, relaxing, and doing homework, but a scarcity of time with which to do these things.