In simple terms Economics is the study of scarcity and choice. So people usually will attribute value to whatever is scarce. So if rice or beans is scarce then it means it becomes more expensive or valuable. So more people want it than it can be supplied, so it means the price will go up. This is the law of demand and supply, meaning as people demand a product that is low in supply or scarce the price will rise.
So something does not need to be important for it to be valuable, all it requires is for it to be scarce. For instance we can all agree that gold is better than silver and more expensive. But why, after all, both of them shine and look good. However, the only reason gold is better than silver is because it is more scarce or rare than silver. So whenever something is scarce people will want it and it becomes expensive and valuable. This is the way human behavior is, we like to seek things that are scarce.
Genesis 41:57 says, “ And all the world came to Egypt to buy grain from Joseph, because the famine was severe everywhere.” So remember Joseph helped the Pharaoh of Egypt store up grain for Egypt in the seven years of plenty. So in the seven years of famine or scarcity no other country had preserved food, except Egypt, so they became the world super power because food was scarce.
So the question is how scarce are you? If you have qualities or qualifications that everyone has then it is normal, however if you have skills that are hard to find, then you will be very valuable and expensive. So you need to build your scarcity value. Learn things or do positive things that are not common and it will create value for you.
I recall I heard of someone who had been searching for a job for a while now, and it had been difficult to get one. So He decided to enroll in a French class and learn French. So he was now able to speak both French and English quite fluently. So the ability to speak 2 international languages is scarce, at least in Nigeria. So as soon as he applied for jobs that required one to speak both languages or be bilingual, he got a very good job. Another person learnt to play the keyboard or piano and this gave him an audience in his local church and people started inviting him to their home to teach their children. So learning a new skill will create an advantage. Even in the stock market, when shares are scarce even without a company doing anything new the value of the shares will appreciate. So make yourself more valuable by learning skills that are scarce. It is a simple but important concept. Have a blessed day.
