does a decision to go to college have anything to do with expanding choices or reducing scarcity? no. scarcity is fundamental and cannot be reduced through investments in education. yes. college is strictly an investment good, not a consumption good. yes. college improves one’s productivity as a potential employee and thus reduces the constraints that limit choice. no. college has opportunity costs; thus, although it expands one’s choices, it does not reduce scarcity.

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03-09-2022
Business

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does a decision to go to college have anything to do with expanding choices or reducing scarcity? no. scarcity is fundamental and cannot be reduced through investments in education. yes. college is strictly an investment good, not a consumption good. yes. college improves one’s productivity as a potential employee and thus reduces the constraints that limit choice. no. college has opportunity costs; thus, although it expands one’s choices, it does not reduce scarcity.

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AnnuG AnnuG · Answer 1 · 2022-09-06T17:56:18+02:00

Yes, there is scarcity; as a result, it is critical for the student to consider the costs and benefits of earning a college degree.

The term "scarcity" alludes to a fundamental economics conundrum—the discrepancy between finite resources and hypothetically unbounded wants. In order to meet both basic necessities and as many additional wants as feasible, people need to decide how to spend resources effectively. Any resource that has a cost to use that is greater than zero is scarce to some extent, but in actuality, relative scarcity is what counts. For two reasons, natural resources may not be considered scarce. Anything that can be eaten for free or in exchange for other products that is nearly infinitely available is not rare.

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