Question: Explain why the scarcity of resources causes people and nations to consider opportunity costs and trade-offs among choices. Give a personal example of an opportunity cost that you have faced and the impact of the decision you made.

My answer: "The natural fact of scarcity implies that we must make choices. One of the most important results of this fact is that every choice made means that some opportunity must be sacrificed. Every choice involves giving up an opportunity to produce or consume something else." (Kapoor #)

When considering their needs and wants, people and nations consider opportunity costs and trade-offs. " Opportunity cost is to understand that when you choose to do something, you lose something else." (Kapoor #) It's a cause and effect combination.

Opportunity Costs Example: With the goal of progressing in my career, I volunteered for a lengthy tour. Making that decision cost me to miss my son's first birthday.

I'm not sure if I am on the right track with this assignment. I'd like more understanding.