Sigmund Freud

In: Philosophy and Psychology

Submitted By sharifah88
Words 1306
Pages 6
SCARCITY
SCARCITY

Introduction

We live in the world of scarcity. None of us can have all that we want. It is the most fundamental concept in economics. We do not and cannot have enough income or wealth to satisfy our every desire for these develop and expand with every technological advancement. The world is such that no matter how much we produce; we cannot have as much of everything desired without sacrifice. Scarcity occurs for everyone, rich and poor. In economics, this sacrifice is called opportunity cost. (chon, 2011)

Humanity is demanding over greater economic productivity at a time when natural resources, the input that feeds this productivity, are dwindling. To reduce pressure on key assets, such as water, minerals, fuel and land, we must use less of them, and we need to increase the efficiency and productivity of resources that we do use, to achieve more output per input. Put simply, we must do more with less. Developing this society will require large-scale and widespread changes to how the economy functions. However, scientific, economic and social research can play an important role in reaching this goal, by determining current levels of consumption, measuring levels of efficiency, and developing new, more efficient technologies and processes. Furthermore, it can analyse different policy options and help us understand their impact on behavior and perceptions of resource use. (Brown,1995)
This paper will focus on scarcity and the use of PPC to reduce scarcity.

Example of scarcity in Asia. (TRANSPORTATIONS)

Like many economic activities that are intensive in infrastructures, the transport sector is an important component of the economy impacting on development and the welfare of populations. When transport systems are efficient, they provide economic and social opportunities and benefits that result in positive multipliers effects…...

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