Posted by Ami on Wednesday, August 26, 2009 at 9:44am.
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.
Ecnomics Answer check - Ms. Sue, Wednesday, August 26, 2009 at 9:55am
c) What scarcity? What trade-offs?
Ecnomics Answer check - Ami, Wednesday, August 26, 2009 at 11:14am
I cannot think what's scarce for the top 1 percent income people???? I mean they have money....
Ecnomics Answer check - economyst, Friday, August 28, 2009 at 9:19am
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.
Ecnomics Answer check - Ami, Saturday, August 29, 2009 at 1:44pm
ok i get it...thank you so much!!!
Ecnomics Answer check - trygwrg, Tuesday, January 26, 2016 at 2:49pm
Ecnomics Answer check - Noah, Tuesday, March 29, 2016 at 4:07pm
to question c, they trade off high income for higher taxes
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