As we have learned a key component of economics is how to ration scarce goods, services, and resources, but what affect does scarcity have on the human psyche and society? The attached article details how scarcity decreases IQ, limits people's self-control, and generally stunts our ability to grow intellectually. We live in a time where the United States' real GDP per capita has never been higher in any time in history, meaning that we as a country have never been as prosperous as we are now, as evidenced by the graph below, yet it seems as if we are living in a country that is dominated by scarcity. For example, people's jobs are increasingly less secure than in the past, the vast majority of workers no longer have secure pensions but are in highly volatile 401 K plans that are managed and mostly funded by the workers themselves, higher education, which is now one of the only tickets to the middle class, is increasingly becoming out of reach to students due to the high cost of tuiti

Instructions: Read the attached article and write the following paper: The first part of the paper should be devoted to writing about how scarcity has affected what the article describes as your "bandwith". Specifically write about how scarcity has affected your educational goals and what you will do to alleviate this. The second part of the paper should focus on the how the issues of scarcity brought up in the article affect the economic decision rule process undertaken by individuals and can cause people to make sub-optimal decisions. Specifically, I want you to give me an example of how a scarcity mindset can cause people to miscalculate marginal benefits, marginal costs, and opportunity costs to arrive at sub-optimal decisions. (For example, suppose a student who works 40 hours a week is suffering from a scarcity mindset and is currently overwhelmed mentally from all of their current responsibilities. This scarcity mindset causes them to discount the opportunity costs of working at their job—meaning they improperly discount the benefit they get from going to college—which causes them to drop out of college, when they otherwise wouldn’t have dropped out because they would have attributed a greater benefit to attending college if they weren’t suffering from a scarcity mindset. **PLEASE NOTE THAT YOU CAN’T USE THIS EXAMPLE IN THE PAPER**) As the instructor I should be able to determine that you have read the article and understand the content. The paper needs to be at least three pages, double spaced, and size 12 font. Cite your sources. The paper must be submitted typed in class on the due date.