explain about The Scarcity Principle

• Describe an example from your life where having more of one good thing meant having less of another.
• What did you have to give up in order to have more of the good thing?
• Be specific in describing the 'scarce' resource in your example.
• How would your behavior have changed if you had more of the 'scarce' resource?

Every evening I like to watch TV. I also like to read before bed in the evening. However, I only have a couple hours a night where I am free to either watch TV or read. So when I decide to watch TV, I don't have time to read, and if I read I won't have time to watch TV. Clearly the scarce resource in this example is time. If there were more than 24 hours in a day I may have time to read and watch TV in the same night. Of course I could read and watch TV in the same night if I wanted to, but I would then have to give up some sleep, or maybe spend less time with my wife. So no matter what If I want more of one good thing TV, I must give up another good thing reading or sleep.