Scarcity
The idea at
the core of economics is that “there is no free lunch”. Sacrifices that are
made in order to have one thing compare to the other ones are called opportunity
cost by economists. To obtain more of one thing,
society forgoes the opportunity of getting the next best thing. That sacrifice
is the opportunity cost of the choice.
The
Egyptians is deprived of water. The waters are mainly consumed by domestic consumption
in local houses and Egypt’s pressing need to feed their overrated population
through the expansion and irrigation of the country’s farmland with the same or
lesser amount of water. They have to sacrifice "water" for domestic consumption. This is call scarcity. In order to overcome this problem, the government has to build a canal for plantation. However, most
of the Egyptians do not realize that their country is facing a lot of water
issues.
written by: Au Yang Zheng 0315388