Donnelisha Jackson

Due: 9/24/09

        In this day and age, scarcity is a concept that all individuals will soon learn to understand whether they use the technical term or not. The problems with our economy are derived from scarcity, which is the reason why economists exist. If all people could cope with their unlimited wants, it makes one wonder if the world would be a better place.

        In order to truly understand the difficulties with scarcity in everyday life, one must first know and understand its meaning. The term scarcity refers to the insufficient amount of goods or service to satisfy the unlimited wants that human beings naturally have. In basic terms, scarcity applies to all things with a “nonzero” value. From those insufficient amounts of things with a “nonzero” number, problems like poverty, hunger, and multiple complications arise. An example as to when scarcity occurs on a minute scale is when one has an economics and math exam on the same day. Which do you study for the most if both at all? Scarcity is the reason why economists exist.

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        Actually, scarcity causes all societies to ask the same question. How do we manage our unlimited wants with the resources we have available or how do we deal with scarcity? Well, one thing all societies must consider having businesses produce things that don’t require the same resources such as paper production companies going into furnishing companies. This basically means that people can’t have what they want all the time, but must budget their wants through budgeting of money because the government sets prices on most everything.

Anyway, different countries deal with poverty through different economy systems. One economy system ...

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