Economics in the micro-level is scarcity economics, means that every decision that is made by an individual is created based on the availability of the scarce product.
The economic is a human activity that has a purpose in improving the social standard of living based on the choice of scarcity.
Take an example of the goods for production.
In the fundamental theory of economy, which accommodated in Adam Smith in the latest 18th century.
Human has to choose among
The development of economy nowadays made a lot of health care facility to be more achievable. Take a look at public healthcare; in the past, there is no concept of insurance or general health standard. There is no standard of safety in working place. There is no transparent constitution background for someone to be safe.
Also, take a look at how easy a person in getting food. There is no more activity, like hunting for a person to get food.
Grade: University level
Subject: Economy
Chapter: Microeconomy
One example of scarcity economics is predictions about how things are today and what trends he is seeing
Scarcity economics is the basic economic problem where the gap between limited resources and theoretically limitless wants. Scarcity is also called paucity
Scarcity economics requires people to make decisions about how to allocate resources efficiently, to satisfy basic needs and as many additional wants as possible
Scarcity dictates that economic decisions must regularly made to manage the resources availability to meet human needs. Some examples of scarcity are The gasoline shortage in the 1970's that during two separate oil crises in the 1970s, Americans from coast to coast faced persistent gas shortages as the Organization of Petroleum Exporting Countries disrupted oil supplies.
The other example of scarcity economics is the predictions on how things are today and what trends he is seeing. The future predicted will be more contentious than the past because the rising incomes required for higher living standards won't be rising very rapidly
Grade: 9
Subject: business
Chapter: scarcity economics
Keywords: income redistribution, predictions, scarcity economics
