How Society Use Scarce Resources - 1281 Words

imagine living in a world in which there are infinite amounts of goods and resources to satisfy every human desire. People will not find need to budget their limited incomes, businesses will not worry about the cost of labor, and governments will not have reason to tax its citizens, or give importance to environmental issues. People living in this society will be equal to one another and everything would be free, like water in the ocean and sand in the desert. All prices would be zero and society will not find need for markets or financial institutions. Unfortunately we do not live in a utopia of limitless possibilities; we live in a scarce world of unlimited wants. Given unlimited wants, we must make the best use of our limited resources, a science our ancestors have developed and named economics. This study measures how societies use scarce resources to produce valuable commodities and distribute them efficiently among different people. Economic Disciplines The study of an economic world is a complex and unpredictable undertaking, involving people buying, selling, investing, bargaining and persuading. As a result of it being broad and complex, it is divided into many disciplines to make reason from information given by the economy. Adam Smith is considered to be the founder of a major field called Microeconomics, which is concerned with the behavior of individual entities such as markets, firms, and households. In 1776 Smith published The Wealth of Nations, a seriesShow MoreRelatedHow Society Use Scarce Resources1401 Words   |  6 Pagesthere are infinite amounts of goods and resources to satisfy every human desire. People will not find need to budget their limited incomes, businesses will not worry about the cost of labor, and governments will not have reason to tax its citizens, or give importance to environmental issues. People living in this society will be equal to one another and everything would be free, like water in the ocean and sand in the desert. All prices would be zero and society will not find need for markets or financialRead MoreAnalysis Of Mad Max : Fury Road1175 Words   |  5 Pagesco-written and directed by George Miller. It envisions a post-apocalyptic society where nuclear war and cl imate change have led to the destruction of modern civilization and depletion of resources. As portrayed in the film, societies would be reduced to wastelands with scarce resources if people continue to engage in violent confrontations. The few survivors, therefore, would be forced to survive by fighting for the remaining scarce resources. Even though it is a fictional film, â€Å"Mad Max: Fury Road† providesRead MorePrice Elasticity Scenario647 Words   |  3 Pagesmajor dilemma concerning about how to price his product so that it can be competitive in the market. This brief analysis will illustrate some of the economic principles that are relevant to the decision that Carlos faces and evaluates different option in which he might select from. Resource Scarcity The notion of the scarcity of resources is at the heart of economics and economic theory. The definition of a scarce resource is as follows (Economic Glossary): A resource with an available quantity lessRead MoreThe Basic Concepts Of Economy1399 Words   |  6 Pagesnot only about how to make fortune, but also concerning the development of the order about modern human society. Knowing several economic concepts is necessary because it can support people to make a good decision, draw up a plan, and have a long term development, no matter for individuals or nations. At the very start, what is economics would be the first question come out. For having a good understanding, there are two economic truths must to be mentioned. First, useful resources for human isRead MorePrisoners Receiving Transplants1631 Words   |  7 Pagesthe prison population in America grows in numbers and increases in age, questions and debates about the allocation of medical resources to prisoners will grow in urgency. One issue which arises every so often is whether convicted felons, especially those who are awaiting capital punishment, should receive the same level of medical care as others in society - including scarce donor organs for the purpose of transplantation. As is often the case, the debate over whether a death row inmate should receiveRead MoreThe Economic Problem Of The Market Economy1237 Words   |  5 Pagesunlimited amount of wants with a scarce amount of resources. They only current solution is to make decisions as the desire of satisfying all wants is not possible. Economics is the about the allocation of limited resources in the best possible way in order to satisfy needs (items essential for survival – food and shelter) and wants (not necessities, but provide satisfaction and assist achievement of higher standard of living). In order to choose where to allocate resources, four fundamental questionsRead More What is Economics? Essay652 Words   |  3 Pageslot to do with money: with how much money people are paid; how much they spend: what it costs to buy various items; how much money firms earn; how much money there is in total in the economy. But despite the large number of areas in which our lives are concerned with money, economics is more than just the study of money. It is concerned with:  · The production of goods and services: how much the economy produces; what particular combination of goods and services; how much each firm produces;Read MoreEssay on The History of Chemistry: Chemistry is True Science619 Words   |  3 Pagesand all the way up to now, the Present. We use Chemistry on a day to day basis. From Jewelry, to Fire-Works, Soap, and also, even the food we eat. Often people look at Chemistry and are bored because of the information they may not know. Science is everywhere, we just have to open our eyes and explore the world of Science. There is more to Chemistry than meets the human eye, and there are several topics many people do not know the answers to. Society was very different before Chemistry. It datesRead MoreKey Principles of Economics1453 Words   |  6 Pagesprovides an understanding of how the world works. It is the study of how people choose to use resources to improve their well-being. According to Samuelson (1948) â€Å"Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people.† This paper will outline the 10 key principles of economics. These principles are grouped into the three 3 categories of â€Å"How people make decision†, â€Å"How people interact† and â€Å"How the economy works as a wholeRead MoreRationing And Allocation Of Health Care995 Words   |  4 PagesThe rising costs and the increase in health insurance premiums making complication to the greatly challenged notion especially in western societies. Many factors influence the increasing the cost of health care, making different to keep quality for healthc are resources. Measures have been taken to provide efficient and equitable allocation of health care resources. Many clinicians taking the ways to impose efficiency to care and a better monitor the efficiency. However, in retrospect stand alone efficiency