Economics

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Explain how each of the following people would talk about scarcity and trade-offs.
a) The President of the United States:
b) The leader of a developing nation.
c) A U.S. citizen whose income is in the top one percent.
d) A U.S. citizen whose income is in the bottom five percent.

  • Economics -

    After you answer this question, we'll be glad to critique your answer.

  • Economics -

    I don't have any dea...will u please help me with one so that i can try the others...i just need an example.. please!!! Thank you

  • Economics -

    A person whose income is in the bottom five percent might say something like this:

    Money is so scarce I rarely have two ten-dollar bills at a time. Although my kids get free lunches at school, I still have a hard time buying enough food for dinner. 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. And don't get me started on the tiny, rundown apartment we've rented -- the only one we can afford, even with Chapter 8 help.

    http://www.greenpandatreehouse.com/2009/01/economics-101-scarcity-opportunity-costs-and-trade-offs/

  • Economics -

    Correction:

    It's not Chapter 8; it's Section 8 housing.

  • Economics -

    a) there is a scarcity in the amount of service men and women we are invetsing in the money that we have for them.
    b) there is a scarcity in the amont of money we need so we only need to focus on the important thigns for our people for example, better schoolm systems.
    c)there is a scarcity of capital goods for the bulidings i want so i will just buy the land for now.


    dont know if this is good

  • Economics -

    There is scarcity everywhere.

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