Question

One of the scarce resources that constrain our behavior is time. each of us has only 24 hours in a​ day, and we must allocate our time in a given day among competing alternatives. how do you go about allocating your time in a given day among competing​ alternatives? how do you go about weighing the​ alternatives?

Answer 1

Scarce resources are those resources that have limited availability in combination with greater productive uses. Time is a scarce resource as well as all have limited time in our life. In addition, out of the limited time we have, a significance portion of that time is spent on unproductive tasks such as sleeping, bathing among other tasks. As more and more time is spent on a given activity the opportunity cost of that activity in terms of other activities rises. Opportunity cost in this case is the benefit that a person could have received by involving himself in a  given task, but gave up to take up another task.

Answer 2

Answer:

We tend to weigh our alternatives, so as to achieve our goal over a specific time, such as time created to study or for leisure

Explanation:

Human wants are endless. resources on it's own are scarce.

The basic problem of economics, is the deals with the allocation of resources  systematically so that the result of the output can fully be managed maximally for the betterment of a nation.

Now, to choose between different options, the cost and related benefit needs to be understood.

The cost for taking a decision involves what we may give up by not having an alternative choice. while the best method or choice we give up when we make a decision is called the decision opportunity cost.

One of the problems that limit our resources, that constraints our behavior is time.

We only have 24 hours a day in order to reach our objective or aim, so we have to make use of the time very well, thus we tend to weigh in our alternatives and provide a specific time for our day to day activities.

An individual can devote his or her time in both leisure and study, different alternatives for individual may include part time job, library work. also same applies for study.