https://padlet.com/wong_sook_yee/Bookmarks Essay Qn 2 of CPE tutorial en-us 2022-02-08 05:08:44 UTC 2026-01-03 21:50:48 UTC hello@padlet.com https://padlet.net/icons/png/1f929.png https://padlet.com/wong_sook_yee/Bookmarks/wish/2083296123 The central economic problem that all societies have to solve is scarcity. This problem is caused by finite resources and unlimited wants.]]> 2022-03-08 05:27:53 UTC https://padlet.com/wong_sook_yee/Bookmarks/wish/2083296123 https://padlet.com/wong_sook_yee/Bookmarks/wish/2083299381 The Central problem of economics is scarcity. Scarcity arises due to the insatiable desire of humans to consume. as resources are limited, economic agents are unable to satisfy their unlimited wants. ]]> 2022-03-08 05:30:08 UTC https://padlet.com/wong_sook_yee/Bookmarks/wish/2083299381 https://padlet.com/wong_sook_yee/Bookmarks/wish/2083300522 through specialisation, different countries produce what they are good at and trade with other countries after thus benefiting everyone]]> 2022-03-08 05:30:57 UTC https://padlet.com/wong_sook_yee/Bookmarks/wish/2083300522 https://padlet.com/wong_sook_yee/Bookmarks/wish/2083301647 to solve the problem of scarcity, the society needs to decide on what and how much to produce of goods ]]> 2022-03-08 05:31:46 UTC https://padlet.com/wong_sook_yee/Bookmarks/wish/2083301647 https://padlet.com/wong_sook_yee/Bookmarks/wish/2083301905 To reduce the the problem of scarcity, rational decisions need to be made. The government needs to make choices on allocation of resources]]> 2022-03-08 05:31:58 UTC https://padlet.com/wong_sook_yee/Bookmarks/wish/2083301905 https://padlet.com/wong_sook_yee/Bookmarks/wish/2083302340 One way to solve the problem of scarcity is to efficiently allocate all resources based on the society’s wants and needs.]]> 2022-03-08 05:32:16 UTC https://padlet.com/wong_sook_yee/Bookmarks/wish/2083302340 https://padlet.com/wong_sook_yee/Bookmarks/wish/2083303643 To reduce the problem of scarcity, the society has to decide on what to produce. This is one central problem of economics that all societies have to solve. 


]]> 2022-03-08 05:33:15 UTC https://padlet.com/wong_sook_yee/Bookmarks/wish/2083303643 https://padlet.com/wong_sook_yee/Bookmarks/wish/2083305785 to solve the problem of scarcity, the society needs to decide how to produce the said amount of goods most effectively ]]> 2022-03-08 05:34:55 UTC https://padlet.com/wong_sook_yee/Bookmarks/wish/2083305785 https://padlet.com/wong_sook_yee/Bookmarks/wish/2083307536 to reduce scarcity, the society has to answer the 3 basic economic questions - quantity & what to produce, how to produce and for whom to produce. 

]]> 2022-03-08 05:36:07 UTC https://padlet.com/wong_sook_yee/Bookmarks/wish/2083307536 https://padlet.com/wong_sook_yee/Bookmarks/wish/2083310299 to reduce the problem of scarcity, the society has to decide for whom to produce]]> 2022-03-08 05:38:09 UTC https://padlet.com/wong_sook_yee/Bookmarks/wish/2083310299 https://padlet.com/wong_sook_yee/Bookmarks/wish/2083310684 Production of the necessary resources, based on the allocation the government has made, needs to be decided on how to produce.]]> 2022-03-08 05:38:25 UTC https://padlet.com/wong_sook_yee/Bookmarks/wish/2083310684 https://padlet.com/wong_sook_yee/Bookmarks/wish/2083312665 To alleviate scarcity, all societies have to make choices on how much goods and services are produced. This is another economic qn that the society has to answerz]]> 2022-03-08 05:39:49 UTC https://padlet.com/wong_sook_yee/Bookmarks/wish/2083312665 https://padlet.com/wong_sook_yee/Bookmarks/wish/2083316197 using marginalist principle, weigh marginal social benefit and marginal social cost.
e.g through specialisation, different countries produce what they are good at and trade with other countries after thus benefiting everyone]]> 2022-03-08 05:41:58 UTC https://padlet.com/wong_sook_yee/Bookmarks/wish/2083316197 https://padlet.com/wong_sook_yee/Bookmarks/wish/2083319104 To alleviate scarcity, societies have to make choices on who to produce the goods and services for. This central problem of economics has to be solved by societies]]> 2022-03-08 05:44:07 UTC https://padlet.com/wong_sook_yee/Bookmarks/wish/2083319104 https://padlet.com/wong_sook_yee/Bookmarks/wish/2083326946 To alleviate scarcity, the government should allocate the best resources available to produce the best combination of goods. they should allocate the best people (people who specialise in the trade preferably) and assign sufficient land for the production in order to minimise any losses. Singapore’s scarce land calls for rational decisions to be made to meet the wants of society. For example, in order to build more housing to accommodate Singapore’s growing population, the government might have to consider clearing up the land (via methods like deforestation) - the case of Dover forest.]]> 2022-03-08 05:49:49 UTC https://padlet.com/wong_sook_yee/Bookmarks/wish/2083326946 https://padlet.com/wong_sook_yee/Bookmarks/wish/2083330175 Society has to make rational decision on the most efficient combination of resources, labour and capital, as well as techniques of production to aid them in producing goods and services. These decisions are made based on the objectives of producers in society - whether to maximise profits / revenue / output. When all resources are fully and efficiently employed, the economy is productively efficient. 

e.g. in order to maximise space in land-scarce Singapore, the SG govt had to weigh costs and benefits, maximising social welfare. In order to meet the differing needs of society, SG govt reclaim more land by utilising technology and advanced machinery so that more space can be used to build houses, refuse management and trade ports.


]]> 2022-03-08 05:52:21 UTC https://padlet.com/wong_sook_yee/Bookmarks/wish/2083330175 https://padlet.com/wong_sook_yee/Bookmarks/wish/2083333222 In alleviating scarcity, the society has to decide for whom to produce; who the target audience is, for instance, people of high income in Germany can consume more goods and services. In producing luxury cars like Porches, there is more production due to demand from the people of high income, thus meeting their needs. Hence in alleviating scarcity, the society has to decide for whom to produce. ]]> 2022-03-08 05:54:46 UTC https://padlet.com/wong_sook_yee/Bookmarks/wish/2083333222 https://padlet.com/wong_sook_yee/Bookmarks/wish/2083334653 The society has to decide on whether to allocate the resources to those in the higher income group or lower income group. By allocating resources to the higher income group, more luxury goods will be produced than basic goods. This may cause people of lower income to find difficulty in acquiring their necessities. Hence, the government has to decide on which group(s) of people to produce for, and consider the opportunity cost as well as which decisions would be best for alleviating scarcity.]]> 2022-03-08 05:55:54 UTC https://padlet.com/wong_sook_yee/Bookmarks/wish/2083334653 https://padlet.com/wong_sook_yee/Bookmarks/wish/2083336463 2022-03-08 05:57:26 UTC https://padlet.com/wong_sook_yee/Bookmarks/wish/2083336463 https://padlet.com/wong_sook_yee/Bookmarks/wish/2083337887 To make a rational decision, the societies use a marginalist principle and weigh the marginal benefit with the marginal costs. The optimal production of goods and services is when marginal benefit = marginal cost. ]]> 2022-03-08 05:58:35 UTC https://padlet.com/wong_sook_yee/Bookmarks/wish/2083337887