SCARCITY AS IT RELATES TO ECONOMICS by

WELCOME!

christinetibagalika1 — 2024-04-06 20:50:40 UTC

Here, You're going to learn about the relation between scarcity and economics. First and Foremost, scarcity is when demand for a good and service is more than the availabilty of the good or service. Scarcity has to do with limitations. For example, if the price of a good has low supply and high demand, the price rises to meet the expected demand. LIMITATIONS!

website 1

christinetibagalika1 — 2024-04-06 20:51:41 UTC

This website talks about how scarcity is an economics concept embedded in one of the most basic facts of life: our world has limited resources and many choices are made on how this resources are to be used- opportunity cost. Some times, we think natural resources (clean air and a sustainable climate) are free and unlimited and often overuse or deplete them hence making them scarce and leading to tragedy.

I chose this website because it helps us understand the fundamental principles of scarcity and how it relates in our day to day lives.

website 2

christinetibagalika1 — 2024-04-06 21:10:42 UTC

On this website, we understand scarcity principle as economic theory in which a limited supply of a good or service with high demand equals in a mismatch between the desired supply and demand equilibrium. in other words,it explains the price of a good. Marketers always use the principle to create fake scarcity for a certain product or good making exclusive in order to generate demand for it hence raising prices. When a product is scarce, consumers are faced with conducting their own cost-benefit analysis; a product in high demand but low supply will likely be expensive.

I chose this website as it helps us understand the scarcity principle in depth and how it ralates to our economy and prices

website 3

christinetibagalika1 — 2024-04-06 21:19:10 UTC

No sector is immune to the scarcity problem. On this website, we learn about how scarcity of workers affected the agricultural sector in canada during the pandemic. The pandemic’s impact on food supply chains was relatively short-lived, but there is a longer-lasting crisis : Canadian agriculture is experiencing a chronic skills and worker shortage that is threatening its ability to function, let alone reach its full potential. Canadians or people in general, don’t often think about the journey our food takes to reach our tables – until it doesn’t get there. The empty shelves of supermarkets during the pandemic forced many Canadians to reflect on the source of their food and to seek out food producers who could supply them with their next meal.

I chose this website as it shows how the people in charge can help mitigate the scarcity problem in the agricultural sector because according to this website, labour gap is projected to expand.

website 4

christinetibagalika1 — 2024-04-06 21:28:03 UTC

This website highlights the emerging water crisis for Canadians as they can no longer be assured the waters are abundant, safe and secure. As glaciers melt, permafrost thaws, river flows become unpredictable and lakes warm and fill with toxic algae due to rise in global temperatures. Science is telling us that the rate at which water moves through the water cycle is accelerating, which is fundamentally changing weather and precipitation patterns. Evidence of such change in Canada is mounting with frequent wild fires.

I chose this website as it shows how canada is bodly losing its cool and shows how this water scarcity is going to affect a great deal of canadians in the near future.

What's behind Canada's labour shortage?

christinetibagalika1 — 2024-04-06 21:39:00 UTC

According to this video, several reports are casting doubt to the idea that Canada is facing wide spread labour shortages as job vacancies only seem to be available in positions that need little to no education e.g. agriculture sector and no one wants to work there due to long hours and low hourly wages.

I chose this video because it's precise and includes statistics and reasoning on what's really behind Canada's labour shortage.

Drinking water scarcity in canada.

christinetibagalika1 — 2024-04-06 21:46:26 UTC

A city in North canada imposed a state of emergency as it went 3 days with drinking water scarcity which led to the price of bottled water to rise to 9dollars. this scarcity was caused by infiltration of water by petroleum hydrocarbons- missuse of natural resources as well as pollution of the environment.

I chose this video as it clearly shows what happens when we misuse natural resources leading to water scarcity in the country

what is scarcity?

christinetibagalika1 — 2024-04-06 21:56:01 UTC

In this video, we see that the entire field of economics is based on the idea of scarcity. And, arguably, we wouldn't even need a field of economics, if there wasn't

the notion of scarcity in the world. Scarcity means that there's not enough of something to go around.

And the reason why scarcity is essential

to economics is because economics is the study

of how do you allocate these scarce resources.

If there's more demand for it than the amount of thing that there is, well, who gets it, how much of it do they get, and what do they have to give up in exchange to get those scarce resources?

I chose this video as this helps us understand scarcity in depth and has day to day example of how scarcity applies to economics

Labour shortage and immigration

christinetibagalika1 — 2024-04-06 22:03:25 UTC

More than half of Toronto’s residents are born outside Canada, and that number could soon explode. By 2025, Canada’s government hopes to bring in nearly one and a half million immigrants to fill critical jobs; something business leaders have been pushing for years. There's a health care crisis going on in this country and an increase in immigration could impact the economy both negatively and positively.

I chose this video because it interviews people and they all give their views on immigration and how it qould impact the country's economy

Image 1

christinetibagalika1 — 2024-04-06 22:09:15 UTC

There is a water shortage going on in the country and although this a wealthy country, many First Nations people do not have access to clean water; they’re still waiting for that apparent luxury. the economy relies on first nations people so the don't deserve to live with water scarcity issue

Image 2

christinetibagalika1 — 2024-04-06 22:14:01 UTC

This graphic shows how there is a widespread of labour shortages across the country as businesses are contantly hiring. labour shortages impact the economy negatively as there will be low productivity and high demand.

Questions

christinetibagalika1 — 2024-04-06 22:24:43 UTC

1. What did you learn about your topic that surprised you the most?

Learning that the field of economics is hugely based on scarcity and that common resources like clean air and a sustainable climate have been increasingly recognized as scarce yet they are considered as free natural resources surprised me the most.

2. Provide a real-life example of how this topic is relevant or interesting for you.

I'm going to talk about stanley cups. These cups really have nothing special to them but wierdly cause an uproar on tiktok as suddenly everyone gained interest in them. before the tiktok uproar, these cups costed about $20. as demand increased for these cups, they became scarce and hard to find, the price increased too. currectly they cost about $70. they increased the price to lower the demand.

3. If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

I'd pass on that scarcity is a basic economic problem and every product in the world is considered scarce as someone expended resources that could have been deployed elsewhere to produce it.