Description
Your presentation should be at least 10-slides and include a cover and a reference page. Be sure to include citations in the body of the presentation.Prepare a PowerPoint presentation discussing the articles you researched on the topic of economic scarcity.
Explanation & Answer
Economic Scarcity
Student’s Name
Institutional Affiliation
Definition
Economic Scarcity
It is a phenomenon in the economy where there exist unlimited
societal needs for the available insufficient resources (Smith, 2013).
• For example, most economies have limited availability of
resources, such as money and time to satisfy unlimited individual
basic needs.
Discussion
Note:
•
Economic scarcity is the primary cause of the non-zero cost of
the consumer products (Barbier, 2013).
• Additionally, all resources that are acquired at a certain price, are
considered as scarce products in the economy because non-scarce
resources are often free, for example, solar energy, air, and the
wind.
Flow Chart on Economic Scarcity
Insufficient
Resources
Scarce Goods
and Services
Unlimited
Needs/Wants
Three Societal options in resolving the issue
Economic
Growth
Efficient
allocations of
Resources
Improved usage of
available resources
Efficient
Production of...