Help required. 1. Scarcity. Economics is an interesting, and different, discipli
ID: 1134698 • Letter: H
Question
Help required.
1. Scarcity. Economics is an interesting, and different, discipline, because it builds from the ground up. That means that mostly everything you'll learn during the course can be tracked back to scarcity in some way. A lot of things are scarce in our lives, but perhaps there is nothing more scarce than the time we can spend being alive. Another example would be money. Though you can always make more money, there will always be something that costs more, ceteris paribus. Discussion question: Relate a global problem to scarcity and explain why that's the case. Be creative! (Le. food/water shortage is too easy of an example!l)Explanation / Answer
"Scarcity" can be seen as a concept of finding something constraint for fulfilling one's needs or demands. This concept can be better understood in terms of economics which focus upon the demand and supply of anything with respect to the resources available for fulfilling the same. when the existing resources are not able to satisfy the demand it is referred to as 'scarcity'.
The Global Problem with respect to scarcity can be seen for "technology".
Technology is the most demanded and the most favoured thing that every country if fighting for and also is spending its money and time the most over it. Still, with gradual developments in technology, there comes another demand for the same, and this is named as scarcity of technology. No matter how much developments are achieved by any country it will climb up another step to gain more. For example to start with the simplest development i.e. the innovation of a mobile phone. the electronic object which is capable of making calls anytime and from anywhere proved to be an exquisite invention by humans. But still there arose more and more demand for the same devices but with better options. the expectations of the users kept on enhancing with every new development and hence this always created a scarcity of technology in the country which could not provide its people with better-optioned mobile phones.
Moving up to higher levels, technological developments would never be called up satisfactory by anyone. As the expectations for more would never end. This scarcity is affected by various factors like:
1. lack of resources: the country might have all the raw materials available with itself but lacks the skilled labour or scientific minds who would help towards their exploitation.
2. lack of skilled labour: the country lacks the developed minds or education seepage to its fullest for developing a scientific mind. This would work towards bringing up more options and better technologies to enhance the utilization of the available resources in the country through various technologies.
3. more and more expectations: no matter how much development is made in the technological field there would always be a dissatisfaction prevailing. This would happen for the greed for more and more as explained in the above example.
Therefore, it can very well be seen that no matter how much a country develop its technology it will face a competition with any other in a next step which would again make the first country technologically scarce. As the demand would be left unsatisfied for the better technology with no supply for the same. Hence, no matter how much effort is made to remove the scarcity it will follow back short time or long time.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.