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 todays 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 dont need a lot of things to keep me happy. Just the basics are all I really need. As for my wantsthats 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 dont settle for second best. If its close to want I want I usually dont 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 planet earth that is directly associated with our economic system is weighed heavily. The decisions of our economic system directly affect the planet because if new ways to allocate resources isnt found or improper use of these resources occurs then the planet will suffer from those actions. The economic system is devoted to instilling the idea of high quality and fulfilled lives in us in order to give us hopes and dreams of what could be possible so we develop aspirations and in turn makes the economy better.
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Cite this Allocation of Resources
Allocation of Resources. (2019, Jan 14). Retrieved from https://graduateway.com/allocation-of-resources/