Economics

Topics: Economics, Economic system, Capitalism Pages: 4 (1166 words) Published: November 25, 2013


There is Never Enough of Anything

Abstract
In this essay I will assess how the role of scarcity takes place in our economy and in our daily life, and also I will describe how different political and economic models have developed to solve the problem of scarcity. In addition, I will talk about the role of the government in today’s economy, and I will compare and contrast capitalism vs. Corporatism. To do so it will rely on key economic concepts such as; incentives, opportunity cost, graphs, and to do so the essay will rely on primary and secondary sources. In this essay I will emphasize on problems that humans face in their daily lives. Finally, I will prove that economics is part of each day of our life.

`` The reality is that we are all economists. We all deal with scarcity as we make choices and calculate how to ration various items and resources that we consume, produce and utilize.´´( Kurt Bills). Scarcity describes the idea that in a world with finite resources people have unlimited wants and therefore humans are forced to make choices in order to use their finite resources in the best way possible. Some of the finite resources that humans deal with everyday are; money, time, goods, natural resources, etc. Poor distribution of resources, rapid increase in demand, and a rapid decrease in supply are some causes of scarcity.

Scarcity is everywhere. For example, in resources, capital, labour, and even time, where there is not enough to satisfy human needs and wants. In addition, scarcity is one factor that rules over and moves the economy. If scarcity would not exist, humans would not be able to make decisions to survive, and humans would not be forced to develop new inventions and different economic and political systems simply because of the fact that there wouldn’t be a need for them. It is the constant fight of human kind against lack of resources that allows innovation to...

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Black, Ken (2003) WiseGEEK: What Are the Causes of Scarcity? Retrieved from
http://www.wisegeek.com/what-are-the-causes-of-scarcity.htm
Hotelling, H. 1931. The economics of exhaustible resources. Journal of Political Economy 39: 137-175.
W.Calomiris, Charles (2013) The Political Foundations of Scarce and Unstable Credit. Retrieved from http://www.frbatlanta.org/documents/news/conferences/13fmc_calomiris.pdf
Barnett, H., and C. Morse. 1963. Scarcity and Growth. Washington, D.C.: Resources for the Future.
McGlasson,MaryJ.(2011)Episode2:Scarcity and Choice . Retrieved from http://www.youtube.com/watch?v=yoVc_S_gd_0
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