Enough Of Anything: Role Of Scarcity

There is Never Enough of Anything

Abstract In this essay I will assess how the role of scarcity takes place in our economy and in our daily life, and also I will describe how different political and economic models have developed to solve the problem of scarcity. In addition, I will talk about the role of the government in today’s economy, and I will compare and contrast capitalism vs. Corporatism. To do so it will rely on key economic concepts such as; incentives, opportunity cost, graphs, and to do so the essay will rely on primary and secondary sources. In this essay I will emphasize on problems that humans face in their daily lives. Finally, I will prove that economics is part of each day of our life.

`` The reality is that we are all economists. We all deal with scarcity as we make choices and calculate how to ration various items and resources
For example, in resources, capital, labour, and even time, where there is not enough to satisfy human needs and wants. In addition, scarcity is one factor that rules over and moves the economy. If scarcity would not exist, humans would not be able to make decisions to survive, and humans would not be forced to develop new inventions and different economic and political systems simply because of the fact that there wouldn’t be a need for them. It is the constant fight of human kind against lack of resources that allows innovation to exist. However, because of scarcity , choices are made by consumers , businesses and governments. For instance, thousands of people travel into Vancouver each day and they make decisions about when should they travel, whether to use the bus or another public transportation to get to their work or work from their home. Millions of decisions are taken, many of them are habitual but somehow almost everyday, people get to work on time and they get home too in safety or if not in