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Essay / Research Paper Abstract
This 3-page paper discusses how the concept of scarcity plays into the study of microeconomics and macroeconomics. Bibliography lists 2 sources.
Page Count:
3 pages (~225 words per page)
File: D0_MTmicrmacr.rtf
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Unformatted sample text from the term paper:
broadest areas of economics to study for this assignment: Microeconomics and macroeconomics. The whole concept of economics surrounds scarcity - economics is
the study of efficient use, or allocation, of scarce resources. From an economics perspective, its assumed that individuals (and institutions) make rational decisions about resources by comparing marginal benefits and
marginal costs that are consequences of their actions (Rybczynski, 2005). With this in mind, lets define microeconomics and see how this fits into the concept of scarcity.
Microeconomics is the part of the study that researches individual units (Rybczynski, 2005). These "units" can consist of single firms or single households (Rybczynski, 2005).
Microeconomics examines decisions and choices of the individual unit, and the consequences of those choices (Rybczynski, 2005). How does scarcity tie
into microeconomics? Well, lets take the typical household. Christmastime is coming and mom and dad, understanding theres a recession afoot, have some decisions to make. They have a budget of
$100 for their two kids, and dont want to go much beyond that. The kids, however, being typical kids, want a lot. What they want would cost $400. Mom and
dad have several decisions they can make (and remember, economics assumes theyll make a rational decision, so robbing a bank or doing something else illegal isnt a choice in this
case). The parents can decide to blow the money on one big gift for each kid, then fill in with a lot
of little gifts. They can decide not to get any of the gifts for the children. They can go to the children and level with them, and ask them what
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