Latest update 13.08.2019
Economics And Scarcity. essay
Concepts of Scarcity and Choice
Scarcity is a relative concept that is resources are scarce relatively to unlimited wants. The problem of scarcity exists in all dimensions that are in terms of individual, society as well as countries. For example as far as individual is concerned in search of improving our standard of living we are always striving to have better and more luxurious shelter, latest fashion clothing, full option types of transport, better health care etc but due to limited resources we cannot satisfy all these wants and in terms of countries Governments are always having difficulties in choosing where to invest there are too many necessities to fulfill due to lack of resources. As a result of scarcity each and every person as well as the Government needs to make a choice so that the limited available resources is used efficiently.
If a government decides to allocate resources to making the air clean enough to breathe, a number of questions arise. What methods exist to improve air quality? Which are the most effective in the short term, medium term and long term? What about cost effectiveness? What should be the balance between quality and cost? What tradeoffs come with various courses of action? Where should the money come from? Should the government raise taxes, and if so, on what and for whom? Will the government borrow? Will it print money? How will the government keep track of its costs, debts, and the benefits that accrue from the project (i.e., accounting)? Pretty soon, the scarcity of clean air (the fact that clean air has a non-zero cost) brings up a vast array of questions about how to efficiently allocate resources. Scarcity is the basic problem that gives rise to economics.
...Scarcity is often misinterpreted and not clearly understood, making it vital to realize the factors that make something scarce are limited resources exist, the product is desirable, and has more than one use. A resource with an available amount less than its preferred use is scarce. Throughout our developing world, we are discovering that more of what surrounds us is becoming restricted except with a lack of knowledge as to why or how to prevent it from occurring. As humans, we are continually putting an excessively high demand on limited supplies, making it difficult to maintain access to the supplies we need most. Maybe it is time; people begin to become more aware of what they are using rather than taking it for granted. Humans are known for being wasteful living creatures, but if we realized what we are wasting that may gradually change our mindsets. Due to the lack of quantity of water as well as the ability to access quality water, it can easily be identified as scarce. It is clear that water is rapidly becoming more of a valuable, but also scarce resource as population and utilization increase. We often hear more about the issues of our economy rather than a crisis that is just as crucial, water scarcity. To many it is shocking that “water is growing in importance as a criterion for assessing the viability of energy projects, as population and economic growth intensify competition for water resources.” When we do not have water, energy...
Scarcity and Choice Economics
Scarcity is a concept of the tension between the limited resources and the unlimited wants and needs of individuals or countries. For an individual, limited resources are time, money and skills; and for a country, they are natural resources, capital, labor force and technology. Because resources are limited comparing with the wants and needs, either individuals or countries have to make decisions regarding what goods and services they can buy and which ones they have to give up. (Investopedia,) Lionel Robbins (1939) believes that scarcity exists as the available resources are insufficient to satisfy all wants and needs. If there is no scarcity or has alternative use of other available resources, there is no economic problem. So that â€œeconomics can be seen as the science that studies human behavior as a relationship between given ends and scarce means which have alternative uses” (p.16). P. Samuelson (1948) further proposes that â€œeconomics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people.”
David Zetland of Leiden University College in the Netherlands and author of Living with Water Scarcity talks with EconTalk host Russ Roberts about the challenges of water management. Issues covered include the sustainability of water supplies, the affordability of water for the poor, the incentives water companies face, and the management of water systems in the poorest countries. Also discussed are the diamond and water paradox, campaigns to reduce water usage, and the role of prices in managing a water system.
...A resource based economy is a holistic socio-economic system in which all goods are available without the use of money and its derivitives. All resources become the common heritage of all of the inhabitants.It would utilize existing resources to enhance the lives of the total population by producing all necessities of life and providing a high standard of living for all. It uses technology to overcome scarce resources by applying clean sources of energy, cybernation, designing energy-efficient cities and advanced transportation systems, providing universal health care and relevant education. The possible cities could be circular in design. These would be the sewage, waste, mail, energy and transport systems. The second layer would serve as the foundation for all the buildings and physical structures. The third layer would consist of the solid structures erected on top of the foundations.The city would finally look something like this. We could even have clusters of cities equidistant from one another, serving as means for social interactions. These cities would provide us with all we need including food, medical and educational facilities, clean renewable energy, research centres for all disciplines and industrial centres for production of goods, good quality residential areas, and recreational facilities like tennis courts, parks, racing tracks.Design considerations for these new cities include overall functioning, ease of assembling, production...
How to Solve Scarcity in the Economy
...handle. For the veteran CSI team, it was just another couple of dead people, another raft of evidence and paperwork.Ottman cleared his throat before he spoke, a habit that irritated Brass. ‘There’s nothing festive about people killing each other on Christmas Eve,’ he objected.‘He doesn’t mean it,’ Catherine said. ‘It’s awful. Every murder is awful. But if we mourn the dead every time we find them . . . ‘‘Some do,’ Brass interrupted. ‘They don’t last in the job.’ He fixed his melancholy eyes on Ottman and waited for the message to sink in. Before he could be sure it had, the drinks arrived. Beer all round except Ottman, who opted for one of those Tiger Woods non-alcoholic things that used to be an Arnold Palmer. The kid didn’t even know how to drink. Catherine decanted her beer into a glass. Nick picked at the label on his.George Eads as Nick Stokes. Formerly Catherine’s deputy, he has just been promoted to be her co-supervisor. Occasionally over-emotional.‘Lot of murders this time of year,’ Nick said, in much the way he might observe it was a chilly night. Ottman cleared his throat. ‘People always get crazy around the holidays?’ he asked nobody in particular.‘If you’re going to kill somebody, the season of joy is a popular time. Statistically speaking,’ Catherine replied. She checked her watch.Coming to the bar had been her idea: it was too late to go home and get in bed. She’d wake her daughter Lindsay up, and now that she was 18, Lindsay...
Concepts of Resources and Scarcity
Capital is define as a good that be used in a business to generate the income of the business. Capital is an important element in a business. Capital is also known as money or property that used in a business. Capital is a money that humans use to develop their business. Without capital there will be no way to develop or invest the business. Capital used to produce either goods or services. For example Capital refers to machines or tools in an company. Without the machines or tools cannot produce or create. For examples cars, there are machines and tools that had been created to make cars, without the machines the car cannot be created or made. Just with machines job is done faster and easily.
BUS102- INTRODUCTION TO MICROECONOMICS PRACTICE QUESTIONS #1: Nature and Scope of Economics
; The Economic Problem: Scarcity and Choice; Economic Systems1) Among the fundamental concepts in economics are A) opportunity cost. B) marginalism. C) efficient markets. D) all of the above 2) Which of the following is the best definition of economics? A) the study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided B) the study of how consumers