Question

One evening, you and your friends are at the retail shop and having a great coffee. While sitting and talking, you noticed that there is homework that need to be done and submit by the end of the day.


How can you relate this scenario with economics way of thinking?

Answer 1

In this scenario, it is directly related to economics in the sense that how we made choices which eventually affected the scarce resource. The scarce resource in this sense is time. How we allocated for having coffee and at the same time finish our assignment before the end of the day.