1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
emmainna [20.7K]
3 years ago
7

Click to review the online content. Then answer the question(s) below, using complete sentences. Scroll down to view additional

questions.
Introduction to Economics – Scarcity
Many economists would say that scarcity is the most important economic concept. The idea of scarcity in economics refers to the limits that everyone must face when making choices. All people have wants or needs that are much greater than what they have and, more importantly, what is available. In fact, you are probably practicing the idea of scarcity right now. You might be thinking of five things that you need or want to do right now instead of reading this passage. People want more than what is available. This includes time.

Choice vs. Cost
Scarcity exists because most things in life are not free. People must make a choice between buying one thing, such as a laptop, and not buying another thing, such as new shoes. What they choose to buy creates scarcity because they cannot buy everything they want. In fact, economists believe that everything that people want, are trying to get, or cannot get is scarce.

When someone does purchase that laptop, the new pair of sneakers is the cost. A cost is what someone gives up to pay for (or get or do) something else. Most people decide on their choice versus their cost by seeing which has the greater benefit. Someone might decide that he can use his laptop for school work, streaming, and video games, while the sneakers will only add to how he looks. So the ultimate cost is style.

Three Questions of Economics
On a bigger scale, every government’s economy must practice the idea of scarcity by making choices and considering costs when answering three questions. How the government answers each question determines what type of economy that society will have.

What Will We Produce?

No government can make anything without resources. Most people think of resources as things like trees or oil. But resources include time, money, and effort as well. Governments must choose how to use those resources to produce what will be most useful to the society that they serve. As with all economic choices, there are costs. It is not possible for any government to provide for everything for their people. There will always be things that will be scarce.

How Will We Produce It?

How to produce something is just as difficult a question to answer as what to produce. Again, time, money, and effort are limited, so a government can only spend so much of each to meet their needs. A government may decide to produce something for less money that takes less time and requires less effort. However, that often leads to issues that cause scarcity in a different way. Perhaps the easier way leads to pollution or fewer available jobs for people. Even something that seems positive creates scarcity elsewhere.

For Whom Will We Produce It?

Governments like to say that all decisions are made for all people, but this is just not possible. When a government decides to make something in a certain way, they are limiting the number of people who will be able to get it. This can cause scarcity for some people because they do not have the money to pay for the product. They may need the money to pay their bills. Or maybe the product is not available in their area, and they do not have the time to travel elsewhere to buy it.

An Abundance of Scarcity
Scarcity is a permanent part of life. It will not go away no matter how much people wish it to. Everyone, every day, will continue to practice this idea because there will always be something that is not available to them. Whether it be money, time, or something else, scarcity is an economic concept that



Why does scarcity require choice? What is the cost of a choice?

Why is scarcity the basis of all economic decisions? Describe how the role of the government in a society influences the three economic questions.
Social Studies
1 answer:
professor190 [17]3 years ago
3 0

Answer:

There's a combination of wet tropical air masses and dry tropical air masses, which also includes seasonal rain. Half of the year is dry air masses and the other is wet air masses. In the rainforests of Australia, there are 4 layers of plants and trees etc. These 4 layers are emergent, upper canopy, understory, and forest floor. Animals like Rhinos, bats and elephants are in this area.

I wrote that and got 100% have a good day :)

You might be interested in
Which sentence would be most appropriate for an article about various dog breeds? "pudge does not like to deviate from his routi
GaryK [48]
I believe the answer is: <span>Once he eats, he has to go outside and patrol the backyard.”
Since the article is about various dog breeds, the writer should avoid mentioning anything specific about the dog species or personal trainer experiences. From the options above, only this line could explain dog behaviors in general.</span><span />
3 0
3 years ago
Read 2 more answers
Which choices could be considered adaptations?
Sindrei [870]
3. a bear hibernating in winter
6 0
3 years ago
Read 2 more answers
A groundskeeper who moves from a school to a church and remains a groundskeeper is experiencing _____. a. horizontal mobility b.
Masja [62]

A groundskeeper who moves from a school to a church and remains a groundskeeper is experiencing horizontal mobility.

A sort of social mobility known as horizontal mobility describes a person's ability to shift from one similar group or status to another while maintaining their economic circumstances, reputation, and way of life.

Moving within the same status group is known as horizontal mobility. This can be seen, for instance, in the case of a nurse who transfers to another hospital from one. Moving up or down a social hierarchy is known as vertical mobility.

To learn more about horizontal mobility, visit here

brainly.com/question/359904

#SPJ4

7 0
1 year ago
If you see incorrect or unsafe hunting behavior in your group, what should you do?
horsena [70]

Answer:

immediately correct that person

Explanation

unsafe hunting can cause harm to other hunters in your group or other hunters that aren't in your group

3 0
1 year ago
Australia is the world’s leading producer of __________. A. diamonds B. gold C. bauxite D. iron ore
viva [34]

Answer:

C. Bauxite

Explanation:

7 0
3 years ago
Read 2 more answers
Other questions:
  • Danny walked up to Mark and punched him in the face because Mark was making fun of the way Danny looked at talked. Mark tried to
    6·1 answer
  • PLZ HELP ME NOW!!!!!!!!!!!!!!!!!
    8·2 answers
  • A microscope is an instrument that makes distant objects look larger. Please select the best answer from the choices provided T
    11·2 answers
  • Why was mission Santa cruz rebuilt
    10·1 answer
  • When was the civil war
    10·2 answers
  • Why are there two different views on the effect of taxation on labor supply in the united​ states?
    7·2 answers
  • Which of the following is a result of unemployment that is very low
    10·1 answer
  • Which structure in animals are similar to xylem and phloem in plants
    13·1 answer
  • The notion that workers tend to show an increase in
    9·2 answers
  • Read the primary source from Bernardino de Sahagún and answer the following questions:
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!