The Scarcity Of A Resource - 982 Words

Free markets are defined as â€Å"A market (for a particular commodity, etc.) in which prices are not fixed or regulated; (chiefly with the) an economic system in which prices are determined by unrestricted competition between privately owned businesses† (Oxford English Dictionary, 2014). Classical economists believed that free markets; along with limited government, low taxes and protection of property rights were important to create a prosperous economy. Genetski, 2011, names some benefits of an economy making use of the free market system. Although complex, free markets use resources efficiently. The scarcity of a resource is determined by the price in which an individual will have to pay for it. For example, if a good or service is more expensive, then â€Å"a high price signals a product or resource that is relatively scarce compared to its demand† (Genetski, 2011, p. 14). The price that an individual is willing to pay for a particular item also signals the choices we make to the producers. This in turn, allows producers to know which products to make or services to offer, how to manufacturer the product and even whether to use foreign or domestic resources. Genetski, (2011), says â€Å"in a free market, hard-working conscientious workers that contribute to creating more value tend to get paid more than lazy, less conscientious workers† (p. 15). This will provide an incentive for workers to be more productive. There has been and will always be objections to using a free-market system;Show MoreRelatedThe Crisis For Resource Scarcity1592 Words   |  7 PagesThe word scarcity, by definition means ‘to be in short supply’. A scarcity occurs when the demand for a product or good far outweighs the supply of that product or good. In my most humble, yet concerning opinion, I believe resource scarcity, such as water, to be one of the largest and vastly growing sustainability issues that we will face head-on in the coming decade, a nd decades thereafter. My summation is that globalization along with rapidly evolving technology, consumers are far too consumedRead MoreThe Natural Resources Of Water Scarcity2341 Words   |  10 PagesThe natural resources of today seem to have no end. Oil, Coal, and even Natural Gas storage units are starting to see significant declines in their supply. And even though the world may be producing an exponential amount of these resources, there are signs of depletion. Another one of those natural resources is our fresh water. The world can sit back and continue to use fresh water without any knowledge of reduction but it is imminent a solution is needed quickly. Not a solution to produce more freshRead MoreGlobal Resource And Food Scarcity1577 Words   |  7 Pagescollective value of on-farm natural resource management and agricultural production as an example compared to the investments in mining developments, such as the Watermark Shenhua project. To date these significant fina ncial contributions of farmers have not been considered. This article emphasizes the need for law and policy reform to protect agri-environmental landscapes (and their communities) from inappropriate land uses. Global resource and food scarcity As each day passes over 200,000 peopleRead MoreClimate Change And Resource Scarcity1914 Words   |  8 PagesClimate Change Resource Scarcity Resources throughout the United States are being exhausted an alarming rate. In fact, â€Å"95% of the original forests in the United States are now gone† (DiCaprio).Personally, I think this is a shocking and eye opening statistic. The statistic really gives you an insight on how much of the natural world humans have used in order to sustain the lifestyles they currently live. However, people cannot continue to use natural resources at the current rate because theyRead MoreGlobal Warming, Environmental Degradation, And Resource Scarcity1776 Words   |  8 PagesAlexander Bell in his book Peak waters describes three broad types of environmental concerns which are; global warming, environmental degradation, and resource scarcity. For the purpose of this review, the focus will be on resource scarcity. There are two types of resource scarcity one that is Malthusian in nature and the second is Induced scarcity (scarcity induced by external and often uncontrollable factors) (Stimso n Centre 2013). Bridging the boundaries of disciplinary study, environmental variablesRead MoreCobalt Resource Scarcity in the United States Economy5871 Words   |  24 Pages   Cobalt Scarcity in US Economy EPA1321:   Systems   Modeling   Project          Due   to   an   increasing   global   demand   for   energy,   engineers   have   been   challenged   to   come    up   with   a   new   generation   synergy,   which   has   to   be   a   sustainable   energy   system.   One   of   the    major   capacity   additions   over   the   next   20   years   will   be   natural   gas   fired   power   plants,    which   utilize   gas   turbine   power   generation   equipment.   The   demand   for   cobalt   is   expected    to   increaseRead MoreRole Played by Scarcity of Resources in a Given Historical Period2218 Words   |  9 Pagesï » ¿ What is the role played by scarcity of resources in a given historical period? By the standards of the last decade of the 19th century, the question of scarcity of water whether purposed for agricultural irrigation, bourgeois refinements like bathtubs, social and religious obl igations like Christian baptism or Mormon proxy-baptism of the dead, and indeed as a beverage that even Temperance crusaders like Mrs Rutherford B Hayes could approve seemed like a necessity for settling of arid regions, andRead MoreGlobal Warming, Resource Scarcity, And High Energy Costs2198 Words   |  9 PagesINTRODUCTION According the 2010, Sustainability Report by the President and Chief Operating Officer of Bombardier transportation (Andrà © Navarri) [2], around the globe, everyone is faced with significant challenges including global warming, resource scarcity, and high-energy costs. Cities continue to exhibit explosive growth, leading to the pressing need for more effective transportation systems. Bombardier Transportation finds itself at the confluence of these environmental and social challengesRead MoreWater As A Resource On The Earth Essay1430 Words   |  6 PagesWATER AS A RESOURCE While all varieties of natural resources have been used for the collective advancement of human civilization over the course of history, none plays such a vital and important role as water. Water has irrigated our fields, quenched our thirst, carried our products and people all over the world, and has supported life since the beginning of biological life. All things considered, water is the most precious resource on the planet with a grand host of applications instrumental toRead MoreEconomics : Absolute Scarcity And Relative Scarcity877 Words   |  4 Pageshumans make decisions in the face of scarcity (OpenStax College, p. 14). Scarcity in economic terms is the inability to satisfy the unlimited wants of individuals. Does the fact that we have unlimited wants as humans necessitate that there is a scarcity of goods and resources? In order to better define what scarcity is, two different views of scarcity must be explored: absolute scarcity and relative scarcity (Buechner, 2014) . The world is full of resources and as humans we have the intelligence