Managing Scarce Resources, Mistakes Committed in History

In: Business and Management

Submitted By Gerplex
Words 1186
Pages 5
Abstract
In this essay I will discuss the role of scarcity in our economy and how it affects the market, also the economic and political systems created to solve the problem of scarcity. I will also discuss the role of scarcity on the choices made on an economy and how it affects the choice of the different types of economic systems. I will discuss the difference of capitalism and corporatism, the perfect competition against imperfect competition and how those economic systems are related to scarcity. I will also examine the role of scarcity on the rationing of products and food and how it influences people decisions on what they do with their money. To conclude I will examine the best solutions possible for the problem of scarcity and the mistakes made by governments when handling the problem of scarcity and their use of economic theories by know economics. Overall I am going to prove scarcity’s hole in every action we take related, or not, to economics.

Scarcity is the fundamental economic problem of having seemingly unlimited human wants and needs in a world of limited resources. It states that society has insufficient productive resources to fulfill all human wants and needs. Alternatively, scarcity implies that not all of society's goals can be pursued at the same time; trade-offs are made of one good against others. It is a problem because the more one men wants the less the others can have because of the limited resources on the world.
Scarcity relates to the amount of goods and services available for the human race and how much the population wants of a certain product. Economic goods are the products that exist in a limited amount on the world, that are scarce, free goods are the ones that exist in abundance such as seawater and air.
Scarcity is not a new thing. Scarcity has always been with us and will be with us as long as we…...

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