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Unit 2- Discussion Latisha 4/4/2014 11:57:02 PM
Scarcity, utility and distribution are the underlying principles governing every economy. Human needs can never be satisfied. Human extensive need for good and resources can cause scarcity in resources and supplies. Scarcity does not necessarily mean that goods are rare, but it does represent that economic resources are unable to reach the amount demanded of any given product. Diverse economic systems are used to in an attempt to resolve issues of scarcity. Nations can attempt to minimize the human hardship associated with scarcity by using techniques such as comparative advantage and evaluating its production possibilities frontier. Comparative advantage is used to specialize in production where opportunity costs are the lowest. Production possibilities frontier shows the maximum number of goods a market can produce based on fixed resources. As technology advances or the quantity of resources available for production increases, economic growth occurs and scarcity becomes less of a concern.

 

 

 
Unit 2 Discussion Nichole 4/5/2014 10:48:47 AM
Scarcity will always be part of our economy we as suppliers and consumers just need to be more conservative. For example, oil has become scarce but as consumers we have resources to still obtain the product.  Although the price is inflated we still have a need for it.  By using comparative advantage different countries produce goods that we don’t have access too for a lower cost which in turn we have a good that isn’t available to them in their country so that’s where we use trading to our advantage.  When you use trading you can get goods for a lower cost but sell for a higher price to support our businesses financially.  It also gives us a good business relationships with other countries.  It all comes down to we have something they want or need and we want something they have.

 

 

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