A good way to look at the concepts of “scarcity” and “opportunity cost” is to consider the price of rent of a flat near your school/work and the time that it takes to commute every day in case you live not so close to your school/work to avoid the higher rents. And here is a good article that poses the question of the trade-off of the choices we need to make when choosing a place to live. So read on … and think of the different trade-offs that exists when searching for a house.