Exploring Scarcity and Opportunity Cost in Economics

The video discusses the concept of opportunity cost, which arises from the scarcity of resources. It explains how every decision involves a trade-off due to limited resources. The video also explores a hypothetical world without scarcity, as depicted in science fiction like Star Trek, where technology provides unlimited resources. Finally, it addresses real-world efforts to reduce scarcity and improve access to essentials, encouraging viewers to consider scarcity in their own lives and think of ways to address it.

What is an example of an alternative activity you might do instead of watching this video?

• Cooking dinner

• Sleeping

• Reading a book

• Going for a run

What do economists call the cost of choosing one activity over another?

• Variable cost

• Opportunity cost

• Fixed cost

• Sunk cost

Why do choices exist according to economists?

• Because we have infinite time

• Because we live in a world of scarcity

• Because we have limited desires

• Because we have unlimited resources

What is the main driver in the field of economics?

• Technology

• Wealth

• Scarcity

• Abundance

In the hypothetical scenario of a world without scarcity, what is one thing people would have unlimited access to?

• Money

• Time

• Friends

• Knowledge

Which television show depicts a future where economic scarcity is no longer an issue?

• The Expanse

• Star Trek: The Next Generation

• Black Mirror

• The Twilight Zone

What device in Star Trek: The Next Generation provides unlimited material goods on demand?

• Holodeck

• Transporter

• Replicator

• Warp Drive

What is one leisure activity people in Star Trek: The Next Generation have plenty of time for?

• Playing classical music

• Gardening

• Painting

• Cooking

What is one way to improve the quality of life in the real world?

• Reducing the level of scarcity

• Reducing access to essentials

• Increasing scarcity

• Limiting educational opportunities

What is an example of an essential that can improve quality of life when made more accessible?

• Luxury cars

• Clean drinking water

• Expensive gadgets

• Designer clothes