Scarcity and Depression

In: Historical Events

Submitted By garcialuie119
Words 1059
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Scarcity (also called paucity) is the problem of Infinite human needs and wants, in a world of finite resources. It means that there are not enough, nor can there ever be enough, good and services to satisfy the wants and needs of all individuals, families, and societies. In other words, society does not have sufficient productive resources to fulfill those 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. Scarcity can also be broken down to four key ingredients: land, labor, capital and enterprise. In an influential 1932 essay, Lionel Robbins defined economics as "the science which studies human behavior as a relationship between ends and scarce means which have alternative uses."

Opportunity cost or economic opportunity loss is the treasured of an adjoining different of a foregone result in making a decision. Opportunity cost also analysis the considerable part of a company's in decision-making processes, but is not treated as an absolute cost in any financial statement. The upcoming best concern that a person can engage in is referred to as the opportunity cost of doing the finest being and ignoring the next prime thing to be done. Economic opportunity cost the basic problems in society. Therefore it focuses on the differences between human resources and natural environment. The basic scarcity could be an understanding in a confirming life, good life, and hope for a better one.

After knowing what scarcity and opportunity cost, or economic opportunity loss, it made it easier for me to summarize the story of the concepts. The story “The Wealth of People,” helped me compare the definitions of the two concepts I chose and helped me explain how I would use this information in teaching an appropriate age group. For example, using the information…...

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