Question

I need new and unique answers, please. (Use your own words, don't copy and paste), Please Use your keyboard (Don't use handwriting) Thank you..

“In a 250 words post,give an example of something that is scarce in your life and explain the choices you've made because of scarcity”

Use your own words and be sure to support your statements with logic and arguments.

Answer 1

Introduction:-

The need for economics itself primarily arose, because of one common reason. The needs and wants of human beings are unlimited compared to the resources they possess individually, as a community or as a country.

When these resources are scarce, compared to the overall needs and demands of people, rationalization becomes important so as to ensure maximum satisfaction as a producer or as a consumer of these resources respectively.

Case Specifics:-

As an individual, we all have faced scarcity in terms of the amount of income in terms of the money we earn, and the available choices to choose from, through which we can use this income in a manner that we increase and maximize our overall levels of satisfaction respectively.

Thus, money being a scarce resource which each one of us holds, we then have to choose among the various options for goods and services to maximize upon our overall satisfaction.

Since money can be used alternatively, we could spend the same on buying different things. As a student we were faced with the fact that our choices of education were numerous, however the amount of money available to us was limited.

Due to this scarcity, we had to look at the numerous colleges or schools available to us from which we could largely maximize our benefits. I did this by researching through the placement statistics available for each of the college available in the area, and the overall costs which I could afford. Other factors such as availability of faculty, infrastructure availability are also important while looking at this decision.

Conclusion & Summary:-

1) We realized from the above discussion, that money is a scarce resource which everyone must use judiciously so as to be able to maximize their profits or overall satisfaction

2) We assessed that from the view point of attaining education we had limited number of choices and had to choose from the various options basis various parameters such as quality of placements, education, fees structure, faculty etc.

3) We concluded by selecting the best alternative from the available options post research.

Please feel free to ask your doubts in the comment section if any.