All problems in economics are about scarcity, that is, about how to use given resources for satisfying competing objectives”. Discuss this statement using real-world examples and referring to the two fundamental paradigms in economics and their analytical features.

All problems in economics are about scarcity, that is, about how to use given resources for satisfying competing objectives”. Discuss this statement using real-world examples and referring to the two fundamental paradigms in economics and their analytical features.

EBK HEALTH ECONOMICS AND POLICY

7th Edition

ISBN:9781337668279

Author:Henderson

Publisher:Henderson

Chapter1: U.s. Medical Care: An Uncertain Future

Section: Chapter Questions

Problem 4QAP

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“All problems in economics are about scarcity, that is, about how to use given resources for satisfying competing objectives”. Discuss this statement using real-world examples and referring to the two fundamental paradigms in economics and their analytical features. I am supposed to explain this statement using prouduction and trade/exchange paradigms. Can anyone help me?
Explain how scarcity and opportunity cost are central to the study of economics.
Generally, the study of economics has to do with Question 24 options: How resources are not scarce. How people make decisions in the face of scarcity. How to ignore opportunity costs. How the stock market operates during a recession.
Because of scarcity, for every choice we make, there will always be opportunity costs. What does this statement mean? a. Scarcity helps us save our resources by reducing opportunity costs and encouraging higher consumption b. We will always have to sacrifice the enjoyment of something or benefiting from our other options due to limitations in resources. c. We can fully enjoy both of our choices as long as we take the opportunity and continuously consume our limited resources d. none of the choices are correct
Explain the concept of scarcity in general and further indicate how this is critical to the success of a business.
Answer the given question with a proper explanation and step-by-step solution. Scarcity means A. time and resources spent researching a cure for breast cancer are time and resources that could have been spent researching cures for lymphoma. B. 25 year olds might be more willing to start a family than 35 year olds. C. government funding of federal programs equals the amount paid in taxes. D. all consumers are assumed to have limited financial resources. E. money flows in a circle.
Suppose a nation has a total of 12 units of labor, which can be used to produce either guns or butter. One gun takes 6 units of labor to produce and 1 butter takes 2 units of labor to produce.  Explain why scarcity exists in this economy. Use the data as evidence of your reasoning.  What is the maximum quantity of guns that can be produced?  What is the maximum quantity of butter than can be produced?  Draw the nation’s production possibility curve.  What is the opportunity cost of guns in this nation?  Explain why the nation can’t produce both 3 guns and 4 butters.  Explain why the nation shouldn’t produce both 1 gun and 2 butters.