Economics is the study of how people make choices because of scarcity. Making choices is a requirement throughout our lives and making them is inevitable. A major decision factor is opportunity cost. Opportunity cost is what limits our choices by limiting the resources we are initially able to provide. To be more precise, opportunity cost is the loss of potential gain from alternatives due to choosing another alternative. We make choices in order to progress in the direction we think is most reasonable for the scenario by analyzing the inputs provided and the results received. Scarcity is what drives people to make choices. Our resources are limited, or not infinite. However, for some of these resources we demand more than can be produced. This causes an increase in the cost of these resources or items. It is these limited elements that push us to make choices. These choices are also limited to what we are able to provide in payment. This leads us to analyze opportunity cost. If one has to choose between guns and butter, then this person will momentarily ask questions....