The scarce goods from the given options.
Answer to Problem 1P
Following are the scarce goods:
d. Clean air in a big city
f. A public library
Explanation of Solution
Given options:
- Garbage
- Salt water in the ocean
- Clothes
- Clean air in a big city
- Dirty air in a big city
- A public library
Garbage is a waste for human beings and is undesirable. No human wants are satisfied with garbage. Thus, garbage is not scarce.
Oceans are a large part of our earth. There is no dearth of salt water in the oceans. Therefore, salt water in the ocean is not scarce.
Clothes are not a scarce resource. Clothes are made from either natural or synthetic fibers, which can be produced as much as humans want. Thus, clothes are not scarce.
In big cities, air pollution is a major and common issue. Hence, it is not easy to get clean environment and clean air in a big city. Thus, clean air in a big city is a scarce resource.
In big cities, air pollution is a major and common issue. Hence, it is not easy to get clean environment and clean air in a big city and air quality is expected to be dirty in most of the cases. Thus, dirty air in a big city is not a scarce resource.
A public library may or may not be a scarce resource. The availability of a public library is a subjective issue. If the government and local authorities in an area has provided enough libraries given the number of students and visitors in the library, then we would say that a public library is not a scarce resource. However, if on the contrary, the number of libraries is not enough, it would be considered a situation where public libraries are scarce.
Scarcity: Scarcity is the concept referring to the shortage of any resource. Human wants are unlimited and resources are limited. Thus, considering the unlimited human wants, the resources that are available to humankind are scarce.
Want to see more full solutions like this?
Chapter 2 Solutions
Exploring Macroeconomics
- not use ai pleasearrow_forwardGates Doubles Down on Malaria Eradication The End Malaria Council, convened by Bill Gates and Ray Chambers, seeks to mobilize resources to prevent and treat malaria. The current level of financing is too low to end malaria. Bruno Moonen, deputy director for malaria at the Gates Foundation, says that more resources, more leadership, and new technologies are needed to eradicate malaria in the current generation. Is Bruno Moonen talking about production efficiency or allocative efficiency or both? Bruno Moonen is talking about _______. A. production efficiency but not allocative efficiency B. production efficiency and allocative efficiency C. allocative efficiency but not production efficiency D. neither production efficiency nor allocative efficiencyarrow_forwardWhat challenges do medical facilities face when trying to become more culturally competent? What kinds of assumptions do providers sometimes make about people from other cultures? What factors may cause providers to relate to patients in a biased manner? What can healthcare organizations do to ensure cultural competence among their employees?arrow_forward
- Brazil, Russia, India, China, and South Africa, also known as BRICS, are emerging countries poised to be dominant economic players in the 21st century. What are some of the political, legal and economic conditions that help or hinder economic expansion for these countries?arrow_forwardExplain what is Microeconomics? Why is it important for all of us to understand what are the drivers in microeconomics?arrow_forwardThe production function for a product is given by Q =100KL.if the price of capital is 120 dollars per day and the price of labor 30 dollars per day what is the minimum cost of producing 1000 units of output ?arrow_forward
- خصائص TVAarrow_forwardplease show complete solution, step by step, thanksarrow_forwardTo determine the benefits of extending hours of operation for a food truck business, the couple should calculate additional revenue, break-even analysis, market demand, and raise prices. They should analyze competitors' prices and customer sensitivity to price changes, determine price elasticity, and test the strategy by implementing a slight price increase and monitoring sales closely. If costs exceed revenues, the couple should analyze their financials, evaluate their business model, explore new revenue streams, and consider long-term viability. They should analyze their financial statements to identify high costs and areas for reduction, evaluate their business model based on market demand, and explore new revenue streams like catering, special events, or partnerships with local businesses. Long-term viability is a key consideration, as if the business still operates at a loss after making adjustments, it may be necessary to consider shutting down. Staying in business should be…arrow_forward
- Respond to following post. You can charge higher prices if the parents think these are valuable by providing different services such as extended hours, healthy lunches, and smaller staff-to-child ratios. But pushing for prices much higher won’t make sense unless parents think the added value is worth the price hike. You should research your local parents to find out what they want. If you want your business to be profitable, then focus on your strengths, do great work and have a reputation. Promote your special products and keep your prices low. If you want to see if you’re making money, keep a log of all your profits and losses. You’re making money if you’re earning more than you’re losing. A break-even analysis can help you figure out how many customers you need to eat and start making money. Keep an eye on your budget so you don’t get off track.arrow_forwardIf you are willing to pay up to $8 for your first cup of coffee the blank of your first cup of coffee is $8arrow_forwardnot use ai pleasearrow_forward
Economics Today and Tomorrow, Student EditionEconomicsISBN:9780078747663Author:McGraw-HillPublisher:Glencoe/McGraw-Hill School Pub Co
Exploring EconomicsEconomicsISBN:9781544336329Author:Robert L. SextonPublisher:SAGE Publications, Inc
Managerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage Learning