The concepts of scarcity choice and opportunity cost relate to your dilemma to the concepts of scarcity, choice, and opportunity cost. Faced with this scarcity.
Economic resources are scarce. Faced with this scarcity, we must choose how to allocate our resources. Economics is the study of how societies choose to do that. Microeconomics focuses on how individuals, households, and firms make those decisions.
Scarcity means limitation of the availability of resources in relation to their wants. That means the available resources are not enough to completely satisfy all the wants.
Choice means selection of something for consumption or production. Every “choice” is accompanied by opportunity cost.
Opportunity cost is the benefit of the next best alternative sacrificed due to the current choice having been made.
Scarcity arises due to the Limited availability of various sources around the world. The problem of choice arises due to the budget constraints faced by the individual. The opportunity cost is the value of the next best alternative forgone by an individual
Due to the limited resources being faced by the state government, the administration this is a dilemma of trade-off (choice) between the construction of the road or the school classroom. Generally, the final choice of the administration will depend on the factors like requirements of the society, the feasibility of the project, and the opportunity cost of opting for each of the projects which compute the benefit which could have been gained from making the alternative choice.
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