how scarcity affects the following decision-makers President of USA, Business exec., city manager, mother?
I need to write 5 page paper on the following topic questions, would like some feedback. Thanks
Economics is a choice driven by scarcity. Scarcity means that society does not have enough resources to produce all the goods and services we want to consume.
Explain how scarcity affects the following decision-makers:
The president of the United States
A business executive
A city manager
The mother of a baby
Explain how the choices made between governments spending of taxpayer money or taxpayers spending that money themselves, affect the allocation of society’s resources. Give reasons.
The president has to choose the options on the production possibility curve. And if we are still inside the curve, it is his responsibility to make it move to the curve. The CEOs have profit functions to maximize, and answer to the Congress if they ask. A city manager has done the same thing, but in smaller scale. And the mother of a baby has only to give a big kiss with love wating for someone who want to know what the real housewife is all about for his next action flick.
June 28th, 2010 at 12:48 pm
The president has to choose the options on the production possibility curve. And if we are still inside the curve, it is his responsibility to make it move to the curve. The CEOs have profit functions to maximize, and answer to the Congress if they ask. A city manager has done the same thing, but in smaller scale. And the mother of a baby has only to give a big kiss with love wating for someone who want to know what the real housewife is all about for his next action flick.
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