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Resource allocation problem in economics
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Economics is the allocation of scarce resources among competing ends. To some extent, virtually everything is scarce - money, food, water, dates for the prom... but some resources are scarcer than others, and deserve special attention from those with the tools to allocate them properly. Basically scarce resources can be defined as the limit a society has on a particular resource that is less obtainable than others which are readily attainable. Some examples of some scarce resources that are found commonly in today’s society are clean air, oil, trees, coal, and natural gas. Some examples of my personal scarce resources are time, money, and energy. In a way they are all connected. I have to find a way to allocate my time to make more money but yet conserve my energy at the same time.
Now quality and fulfillment are two totally different things than scarce resources. Basically it contains the essential parts that enable you to live a happy life. For me this includes such things as security (whether it be with a job or a significant other), money in my wallet, family and friends, and the feeling of being successful in my endeavors. These things could also be considered needs because they are things I need to make me happy. However, my needs are limited to a few. I don’t need a lot of things to keep me happy. Just the basics are all I really need. As for my wants…that’s a different story. I have unlimited wants. I want many things. Having such tendencies to want and demand many things from myself helps me to obtain my goals and strive for the things I want. I don’t settle for second best. If its close to want I want I usually don’t give in. I would feel like I was given something for attempting but not fully reaching the wants and goals I instill in myself. I think this applies to our economic system in a way that people set goals in order to make the world a better place.
The impact upon the
In the modern world, people posses more than what they can actually keep tract of physically and mentally. Everyone wants to live the “good life” where they can have no limits to the things they want. Whether it is clothes, cars, jewelry, or houses, the need to buy things that are affordable and are in style preoccupies the minds of many people. The argument for necessity goes against this way of modern living, but agrees with Thoreau's view on it. The argument is that people should have enough of each just ...
This unit explored desire satisfactionism, a term that generally speaks for itself. Though it is an umbrella term because there are different types. There is local desire satisfactionism, which is the idea that if desires are satisfied, one is happy. Then there is whole life satisfactionism. It means that to be happy is to have one desire satisfied. This is the overarching desire that your most important desires be satisfied. It is prioritized assessment of one’s life as a whole. To compare local desire satisfactionism with whole life satisfactionism would be like comparing quality and quantity from a hedonist perspective. It is similar in regard to desire satisfactionism, two different types. Several individuals discuss whole life satisfactionism
The Dalai Lama and Howard Cutler in “The Source of Happiness” shows that “One method is obtaining everything that we want and desire-all the money, houses, and cars; the perfect mate and the perfect body.” (Dalai Lama and Cutler 27). The Dalai Lama gave an example to how people choose to find happiness in the world and believes how pretentious these ideas can be. If a person cannot be satisfied with what they have then it allow for there to be a flaw in that person’s life. The Dalai Lama wanted us to understand that the desires that we have may just be something temporary and wants us to reanalyze what happiness is for us instead of looking for the answers in many things we see each day. Dalai Lama’s words can be inspected when he states that this way of life is flawed, due to the fact that desires can grow until it reaches a point where we cannot fulfill it no more (Dalai lama and Cutler 27). When it comes to the Dalai Lama, his answer to this was understanding that there is more than one way to live a materialistic life. Happiness itself is a goal which we should not achieve because eventually we all will lose our sense of satisfaction over these temporary things. In life, it is impossible to not long for what we want, but to enjoy what we have is a redeeming quality that Dalai Lama Mentions (Dalai Lama and Cutler 27).
Three of the most satisfying materials that a person could own is a home, money, and a car. At least one of these items is essential for a person no matter where they live. The home is the most satisfying material that a person could own. A home is a place that one can go to rest, eat, and just live. A home provides memories and a place for a family to grow. A home satisfies people with protection, an investment, security, safety, and privacy. The home is definitely a key item of satisfying materials. Another satisfying material that a person could own is money. Money is something that is very important to possess. Owning money can satisfy a person’s hunger, shelter, and just everything it takes for that person to live. A person would not be satisfied if they did not own any money. They would be depressed and have to live on the streets. Money alone cannot satisfy a person on a whole but it brings together the whole term of satisfaction. The last item that is satisfying is a car. A car is something that can satisfy ones need to get around. It is important to use to get to work, school, and places to far to venture on foot. A car is a machine with great power and can also satisfy one with air conditioning on a hot day. It can satisfy a person with ride to ones favorite place such as the beach. A home, money, and a car are all materials that a person can own to satisfy them.
Alfred A Knopf, of New York publishing house fame, once stated “An economist is a man who states the obvious in terms of the incomprehensible”. For being someone who is just learning the basics of economics, this elucidation speaks volumes to this branch of the social sciences. From my basic understanding, economics is the study of scare resources that determine the supply, demand, and consumption for a said good. Wherein the simplification of multifaceted issues is used to make predictions that can be used to serve a society’s needs. Although this may seem like a simple concept, Knopf’s comment illustrates the complexity and involvedness of economics within a given society. Ultimately, from this definition, economics is a tool that aims to
In the modern world, people posses more than what they can actually keep tract of physically and mentally. Everyone wants to live the “good life” where they can have no limits to the things they want. Whether it is clothes, cars, jewelry, or houses, the need to buy things that are affordable and are in style preoccupies the minds of many people. The argument for necessity goes against this way of modern living, but agrees with Thoreau's view on it. The argument is that people should have enough of each just in order to survive and live a comfortable life. Thoreau goes much further with this by not only reducing the number of things to posses, but by also reducing the quality to lower the price. An article about Thoreau agrees and says, “ Change in material conditions requires more than quaint platitudes and the quiet diffusion of sentiment” (McBride 35). However, for today's society quality would be important, but quantity would be something worth changing.
Economics is the study of how best to allocate scarce resources throughout an entire market. Economics affects our lives on a daily basis, whether it is on a business level or a personal level.
The Economy is the backbone to society. There are many factors that operate in, and govern our society’s economical structure. Factors such as scarcity and choice, opportunity cost, marginal analysis, microeconomics, macroeconomics, factors of production, production possibilities, law of increasing opportunity cost, economic systems, circular flow model, money, and economic costs and profits all contribute to what is known as the economy. These properties as well as a few others, work together to influence the economy. Microeconomics and Macroeconomics are two major components. Both of these are broken down into several different components that dictate societal norms and views.
It is the study of resource allocation, distribution and consumption, of capital and investment, and of the management of the factors of production. (http://wikitionary.org/wiki/economics)
Economics is defined as is the social science that studies the production, distribution, and consumption of goods and services. It primarily deals with the exchange of value and that labor or human effort is the source of all value. The field may be divided in other ways, most commonly microeconomics vs. macroeconomics. Microeconomics examines the economic behavior of individual units, including businesses and households, and their interactions through markets, given scarcity and government regulation. Macroeconomics examines an economy as a whole "top down" with a view to understanding interactions between the broadest aggregates such as national income and output, employment and inflation and broad aggregates like total consumption and investment spending. Econometrics is the application of statistical techniques to measuring economic phenomena.
Cost allocation is the process of identifying, aggregating, and assigning of cost to various separate activities. There is no overly precise method of charging cost to objects, hence resulting to approximate methods being used to do so. Amongst the approximation basis used includes square footage, headcount, cost of assets employed, and electricity usage amongst others. The main aim of cost allocation is to spread cost in the fairest possible method and also to impact the behavior pattern of the cost.
According to Sloman (2003), many people think that economics is about money. Well, to some extent this is true. Economics has a lot to do with money: with how much money people are paid; how much they spend; what is costs to buy various items; how much money firms earn; how much money there is in total in the economy. But despite the large number of areas in which our lives are concerned with money, economics is more than just the study of money. It is concerned with the production of goods and services and the ...
When we want something it turns into something that we need even if it’s nothing we need. We think that if we get everything we want then we won’t need nothing else. Our wants have more power over us than our needs because we allow it to. We put our wants before our needs. Some think that we don’t really need anything except a couple of things.
Economics is basically the understanding of how different economies function. Economics is the study of how to best allocate scarce resources among competing uses. Scarcity in the economy is the main problem. There are not enough resources to keep up with the demand for them. Within the discipline of economics, there are two areas of study: Micro and Macro Economics.
Economics is the study of the production and consumption of goods and the transfer of wealth to produce and obtain those goods. Economics explains how people interact within markets to get what they want or accomplish certain goals. Since economics is a driving force of human interaction, studying it often reveals why people and governments behave in particular ways.