Scarcity is the central concept in the study of economics. Individuals demand products to satisfy their needs. Those products are elaborated using certain resources that are scarce hence, limited. Therefore, economics is the science that studies the allocation of products for consumer satisfaction given that the supply of resources is scarce.
The opportunity cost is defined as the cost of the best alternative that has been rejected when making a decision in an environment of scarcity. For example, considering that money is the scarce resource, a consumer can only afford to either buy one orange or two pears. He knows that the orange would provide a higher satisfaction to him and buys it. Therefore, the rejected alternative, the two pears, consitute the opportunity cost. If there was no scarcity, this consumer would have been able to purchase the two options, not only the most preferred.
Answer: In the South, the economy was based on agriculture. Another difference between the North and South had to do with the new states forming in the western territories. The North wanted the new states to be “free states.” Most northerners thought that slavery was wrong and many northern states had outlawed slavery.
Explanation:
Conscription is the mandatory enlistment in a country’s armed forces, and is sometimes referred to as “the draft.” The origins of military conscription date back thousands of years to ancient Mesopotamia, but the first modern draft occurred during the French Revolution in the 1790s. The United States instituted conscription during the Civil War, which led to a series of bloody draft riots. Resistance to the draft, as managed by the Selective Service in the United States, reached a historic peak during the Vietnam War.Before the existence of a warrior class or military elite, Babylonian kingdoms employed a system of conscription called ilkum, in which laborers owed military service to royal officials for the right to own land. Provisions for ilkum were created under the ancient Code of Hammurabi, one of the earliest and most complete legal codes, instituted under Babylonian King Hammurabi.
Similar systems of military conscription were popular in feudal Europe throughout the Middle Ages. Land-owning peasants often were required to provide one man per family for military duty.
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