I had asked this question earlier and Ms. Sue had helped me with one. I have tried the other two...will you please let me know if I'm on the right track???? Thank you

Explain how each of the following people would talk about scarcity and trade-offs.
a) The President of the United States:In these days of recession, people are buying less cars. The resources are being wasted. In this case, I have decided to close some of the car producing factories. It is one of the trade-offs to consume fuel as well although I know many people get laid off while doing so.

b) The leader of a developing nation: Money has become so scarce. We have stopped some of the constructions that is not necessary at this time. It is one of our trade-offs.

c) A U.S. citizen whose income is in the top one percent: I can not think of any for this one

d) A U.S. citizen whose income is in the bottom five percent: (Ms. Sue had answered this one) Money is so scarce I rarely have two ten-dollar bills at a time. We'd like to eat fresh fruits and vegetables, but they're expensive and don't fill us up like pasta and bread do. That's just one of our tradeoffs so that I can pay for my asthmatic son's asthma medication.

c) What scarcity? What trade-offs?

I cannot think what's scarce for the top 1 percent income people???? I mean they have money....

Ami:

Scarcity is all around us and affects many of the decisions we make, including the super-rich. For example, leisure time is often scarce for high income folks. So, vacationing in the Bahamas means not vacationing in the Swiss Alps. Going to the theater might mean not going to a baseball game. etc.

ok i get it...thank you so much!!!

xstyab

to question c, they trade off high income for higher taxes

a) The President of the United States: The President is acknowledging the scarcity of resources, particularly in the context of a recession. They recognize that people are buying fewer cars, which reflects a trade-off between purchasing cars and other goods or services. In order to address this, the President has made the decision to close some car producing factories, which is a trade-off aimed at conserving resources. They are also aware that this decision could lead to job layoffs, which is another trade-off that they have to consider.

b) The leader of a developing nation: The leader of a developing nation recognizes the scarcity of money in their country. In order to address this scarcity and prioritize the use of limited resources, they have decided to halt unnecessary construction projects. This decision reflects a trade-off between continuing construction and allocating funds to more pressing needs.

c) A U.S. citizen whose income is in the top one percent: It seems that the U.S. citizen in the top one percent may not have explicitly mentioned scarcity or trade-offs in their statement. However, it's possible to infer that even though they have a high income, they might still make choices that involve trade-offs. For instance, they could prioritize certain expenses or investments over others, or they might have considerations related to taxes or philanthropy. Without further information, it's challenging to provide a more detailed explanation for this situation.

d) A U.S. citizen whose income is in the bottom five percent: As previously explained by Ms. Sue, this individual expresses the scarcity of money they face. They mention how they struggle to afford fresh fruits and vegetables because they are more expensive, opting instead for cheaper, more filling options like pasta and bread. This trade-off allows them to allocate their limited financial resources towards purchasing asthma medication for their son.