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- In some countries the government makes most of the decisions about what will be produced, how it will be produced, and for whom. Does the fact that these choices are made by the government eliminate scarcity in these countries? Why or why not?“Scarcity is the fundamental problem that every nation in this world faces.” What do you mean by this statement? If you were an economist how would you address this fundamental problem?In a culture where we are bombarded with other people trying to define us, how do we make decisions for ourselves? Make close references to Macbeth by William Shakespeare
- Scarcity requires people to make choices. O requires people to reduce their wants. means that wants and needs are scarce. does not exist in the 21st century because resources are sufficient to meet peoples' wants and needs.What will happen if there is no scarcity? Explain.Some business and governmental units impose financial penalties on employees who refuse to vaccinate. Others lay off such employees until they are vaccinated, and some fire the unvaccinated. Countries such as Canada will not admit those who are unvaccinated. Set aside issues such as whether you think it is either legal or fair to require vaccinations. Just focus on economics for this example. (a) Is there an economic justification for such actions? (b) Why or why not? (c) What does this have to do with economic externalities?
- I would say that people who disagree about normative ethical theory CAN still reach an agreement on practical ethical questions in the business world. For the most part, everyone at the end of the day is going to agree on the idea that we must protect the place we all call home-the earth. With that being said, no matter the personal beliefs that everyone has, if they can work together to ensure that factor is being kept in place, they are more than likely going to. That would be on the extreme end. If two different employees had different views regarding the various theories, I am sure they would still work together to come to an agreement that would be for the betterment of the company because they both share the same desire to do well for themselves and the company. please help respond to this discussion posta. According to economic theory, society makes an important tradeoff between scarcity, choice and opportunity costs. Carefully discuss this tradeoff with relevance to health economics. b. A reputable doctor quits his job, which pays $77,000 a year, to open a non-governmental organization (NGO) to serve the needs of orphans. His annual expenses for the NGO amounts to $62,700 for food and daily supplies $9,400 for maintenance, and $1,800 for books. i. What is his opportunity cost of opening the NGO? (Show working) ii. What core economic principles are considered in the doctor’s decision making?"What is Economics?" Please respond to the following: 1. Identify a recent purchase that you made, recently, and determine how scarcity influenced your purchase decision. 2. Give an example of how scarcity of a product would have an impact on a microeconomic level. Please explain your rationale.
- Which of the following is(are) good example(s) for explaining the economic concept of scarcity? (We talked about them in the lectures.) ''For a 1000-mile trip to Florida should I drive or should I take the bus'' example The day care center example where parents pay a small fee when they are late to pick up their kids The open buffet brunch example The model of the production possibilities frontier 'Heather how much compost to use for the tomatoes'' exampleAmy has only $50 to spend for her weekend entertainment. She can go to a college football game for $50, or she can go to the movies for $10. Explain the problem of scarcity and choice in this context. What will Amy consider as she decides whether to go to the football game or the movie?How does a market economy solve the what, how, and for whom to produce problems?