When I was doing a course on microeconomics (actually a very fascinating subject) I learned about the concept of scarcity.
Scarcity is a problem that arises when people have many wants, but limited resources.
When this happens we must make choices between our wants because the resources necessary to fulfill them are limited. We make these decisions by giving up (trading off) one want to satisfy another.
At times I experience scarcity in our garden. We have a limited amount of space and I have to choose what I want to plant. Sometimes I will give up my desire to grow one plant in order to plant another.
One of our most valuable resources is our time. However, I have noticed that there is a tendency in our society to treat time as an unlimited resource. As a result we are all frantically busy. Household tasks, social commitments, extra curricula activities, sports commitments, volunteering, school stuff pile on top of each other endlessly. [Read more...]