Submitted by: Submitted by angelarcenal29
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Category: Other Topics
Date Submitted: 04/18/2014 02:49 AM
The Concept of Scarcity
|Resources are the items needed to do something. For example, oil is a valuable natural resource. Other resources can include |
|workers, knowledge, or technology. |
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|Scarcity is the idea that there are not enough resources to meet the wants of an individual. If you wanted to buy a shirt, pair of |
|pants and a pair of shoes, there is not enough money to buy it all. |
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|Many 16 year olds want or need a car. The costs of owning and operating a car are greater than the average 16 year old can afford. |
|Yet, sixteen year olds still want cars. This situation reflects the basic economic problem, scarcity. |
|Wants are items that make life more comfortable. For example, wants include luxuries such as automatic dishwashers. We could |
|actually wash dishes by hand, but the dishwasher makes the job easier and quicker. |
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|Governments also face these kinds of decisions. Governments also have limited resources, including money. |
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