Description
Prepare a PowerPoint presentation discussing the topic of economic scarcity. Your presentation should be at least 12-slides and include a cover and a reference page. Be sure to include citations in the body of the presentation. The references MUST be scholarly peer reviewed. Also, please place sources in alphabetical order on ref page.
Explanation & Answer
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Attached.
Economic Scarcity
STUDENT’S NAME
PROFESSOR’S NAME
COURSE TITLE
DATE
1
Introduction
In
2
economics, the definition of scarcity is a condition where
resources are limited; society does not have adequate resources
to produce enough services and products to fulfill human needs
(Bell, Mollenkopf & Stolze, 2013).
Economics is a study of how individuals in a community make
decisions when there is scarcity.
The choices of decisions can be family, personal, societal, and
business. Scarcity is referred to as a limited supply of resources
such as tools, land, raw materials and labor are necessary for the
production of services and goods that humans want (Bell,
Mollenkopf & Stolze, 2013).
Introduction (CONT.)
3
The
measure of scarcity in the economy is by observing a particular good
becomes scarcer than another good. Scarcity in the economy has resulted
in a number of problems such as, allocation of resources; which product
or service to produce and in what quantities to satisfy people's wants.
Economic scarcity has a concern about which production method that
should be selected, an example is to create clothes with hand or
automatic looms depending on which resources are available.
Economic
scarcity has also resulted in national product distribution
problem, the sharing of a country's creation among various classes and
individuals in the ...