Question

(WORTH 20 PTS I REALLY NEED HELP) Circular flow chart showing connectivity, with blue arrows, from Government to Product Market and Household, from Product Market to Household, Business and Rest of World, from Household to Government and Financial Market; from Business to Factor Market and Product Market, from Factor Market to Rest of World and Household, from Rest of World to Product Market and Factor Market.
Look at the circular flow diagram. Choose and define an environmental issue. Using the diagram as a guide, explain how the environmental issue you chose affects the relationship between product market and rest of world?

Answer 1

An important environmental issue is the excessive consumption of products and services, increasing the scarcity of limited resources.

How to reduce economic scarcity?

It is essential that there is a paradigm shift on consumerism, with the dissemination of information to raise awareness of the need to protect the environment and its scarce resources, through philosophies that promote sustainability and conscious consumption.

Therefore, utilitarian economics can be a positive theory for increasing learning about ethical decisions in economics that will impact the quality of life for current and future generations.

Find out more about economic scarcity here:

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