Scarcity, Opportunity Cost, Wants, Entrepreneurship, Markets ✓ Solved

Scarcity Opportunity Cost Wants Entrepreneurship Markets Law Of

Choose one concept from the list above, and write a paper a 500 to 550 word paper (500 words is the absolute minimum) in which you state a response to the following prompt; "Before completing all 5 Graded Discussions I thought about (one of the concepts from the list) in this way ..., now I think ...". You are free to organize and arrange your sentences and paragraphs in any way you see fit, but your response MUST at least have the following 5 elements: It must state and define the concept or idea. It must explain how you viewed or understood the concept before completing the discussions. It must explain your new way of viewing, or understanding the concept. It must say the reason why your perspective, or understanding changed. In other words, what did you do, see, or hear as a result of completing the discussions that helped transform your opinion. It must have information, data or facts, that supports the reason for your change. The information, data or facts can be presented in the form of an example, or as part of an explanation, but it must be explicitly connected to at least one of the graded discussions. As you produce your response, you should also consider the following: The implications of the change in perspective.

In other words, now that you see this in this way, what are some of the things that will come after? What will you do differently? What follows? Also, analogies and metaphors are a great way to illustrate how one views a concept or an idea. To review the TED Talks in each discussion click here About Your Submission: When submitting your response, DO NOT INCLUDE your name, date, or any other information, just the response to the assignment question. If appropriate, cite references using in-text APA citation style.

In-text citations are placed within sentences and paragraphs. Stick to the 550 word maximum, any content written in excess of the 550 word maximum will not count towards the grade. Papers not meeting the minimum requirement of 500 words will receive a ZERO. Type your response on a Microsoft Word file (.doc file), save it, and upload it through D2L. You MUST submit your response to the appropriate assignment folder by the due date.

Work turned in using any format other than MS Word (.doc), may not be graded. In addition, work turned in late, via email, in my mailbox or in class WILL receive NO CREDIT. Consideration MAY be given on late assignments for valid documented emergencies. To submit your response, you will need access to internet, and a computer with proper software, if you don’t, you can use any of the "open lab" computers at any BC Learning Resource Center or in public libraries.

No consideration will be given for not having access to the hardware, software or any other resource required to access the D2L platform. Your response will be evaluated in accordance to the following Intellectual Standards; Clarity, Accuracy, Precision, Relevance and Logic. For more information review the assignment rubric.

It is important that you recognize, that in this assignment, you are required to think critically, hence the critical thinking tools shared in this course can be very helpful. Try to identify the Elements of Thought that are part of the logic or reason, for your change in perspective in regards to this concept.

If you reviewed our critical thinking tools, you know, that there are 8 Elements of Thought; Purpose, Question at Issue, Information, Concepts, Point of View, Assumptions, Conclusions, and Implications.

I am going to lead by example, and state a few of these, as they relate to this assignment. Question at Issue: Can you identify and explain a change in perspective, opinion, or Point of View , you have had regarding one of the concepts in list above, as a direct result of participating in the Graded Discussions? Purpose: In this assignment, your objective is to identify and explain a change in perspective, opinion, or Point of View , you have had regarding one of the concepts in list above, as a direct result of participating in the Graded Discussions.

Point of View: You are trying to answer the Question at Issue , from the perspective of a person who participated in the Graded Discussions, which means, that you were asked to; Read and consume visual content about economics, Answer questions about concepts and issues about economics, Engage in discussions about the content with your classmates and of course with me the instructor.

In other words, you experienced this class, from the perspective of a student, which may imply that you are not an expert in these topics, and concepts, and that are engaging in activities to learn more about them. Note, that in order to answer the Question at Issue , and accomplish the Purpose of this assignment, you need to produce or compose: Conclusions - When you change your perspective or opinion about something, you have reached a conclusion.

When you think back at an entire experience that involved, reading, writing, viewing, listening, and answering questions about a multitude of concepts in the world of economics, and you pick one that you have changed your mind on, you have reached a conclusion. Information - What evidence (what did you do, see or hear), or facts did you use to reach the conclusion that there is another way of looking at or understanding the concept in question?

What allowed you to see this concept in another way? That the concept in question, is this other thing, that you did not think about before. That the concept in question can be used for this other thing, that you did not know it could be useful for. Assumptions - which things did you take for granted, or as given, before participating in the Graded Discussions regarding the concept in question?

What are your assumptions now? Implications - Now that you see this concept in a different way, what are some of the things that follow? What will you do different? How will this new perspective change your approach to things? What happens next?

Paper For Above Instructions

For my response, I have chosen to explore the concept of "Scarcity." Scarcity refers to the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. Before participating in the graded discussions, I perceived scarcity merely as a simple shortage of resources. I understood it primarily in the context that our needs would frequently exceed what we could supply, leading to frustration and challenges in our daily lives. I thought of scarcity in very material terms, mainly relating to natural resources and monetary constraints.

However, my engagement in the discussions profoundly shifted my perspective. Through readings and conversations, I began to understand that scarcity is not just about a lack of resources; rather, it is a concept deeply rooted in economic theory and decision-making. Scarcity, I learned, is a driving force behind economic behavior. It compels individuals and societies to make choices about how to allocate their limited resources to satisfy their virtually limitless desires.

This change in perspective stemmed from a specific discussion about how scarcity impacts consumer behavior and resource allocation in economic markets. I was introduced to several real-world examples illustrating how businesses and governments navigate the complexities of scarcity to optimize outcomes. For instance, the discussion highlighted how companies constantly analyze market demand to make informed decisions about production levels—whether to increase supply based on anticipated consumer needs or restrain production when demand is low. This real-time adjustment not only highlights the dynamic nature of scarcity but also underscores our need to adapt strategically to it. I realized that scarcity requires us to engage in trade-offs; every decision incurs an opportunity cost that entails forgoing the next best alternative.

Furthermore, I learned that scarcity applies to different sectors beyond just tangible goods. For example, resources like time and labor also reflect scarcity. Understanding this broader framework has significantly influenced how I view choices in various aspects of life, encouraging me to think critically about what I prioritize, whether it's in my personal life decisions or professional endeavors.

The implication of this shift is quite significant. Recognizing the pervasive nature of scarcity affects how I assess value and make decisions. I have become more attuned to the implications of scarcity in daily life; for example, when making purchases, I now weigh not only the immediate benefits of those purchases but also how my spending will affect my long-term financial health and opportunities. I am adopting a mindset of strategic resource allocation in which I continually assess my "wants" against my available "resources." This has made me more innovative in seeking alternatives that might not be immediately apparent.

Going forward, I plan to utilize this new understanding of scarcity in my academic and professional pursuits. I will apply this conceptual framework to analyses and decision-making processes, enhancing my ability to critically evaluate situations where resources are limited. I foresee this perspective informing my career path in fields such as economics or business, where resource management is crucial. By embracing the concept of scarcity, I can better prepare myself as a decision-maker who can navigate the challenges of limited resources while striving to fulfill diverse needs and aspirations.

References

• Samuelson, P. A., & Nordhaus, W. D. (2010). Economics. McGraw-Hill/Irwin.
• Krugman, P., & Wells, R. (2018). Economics. Worth Publishers.
• Mankiw, N. G. (2021). Principles of Economics. Cengage Learning.
• Stiglitz, J. E., & Walsh, C. E. (2006). Principles of Microeconomics. W. W. Norton & Company.
• Gregory, P. R., & Stuart, R. C. (2013). Principles of Economics. Cengage Learning.
• Tulip, P. (2018). The Economics of Scarcity: Understanding the Challenge of Limited Resources. Economic Studies Review.
• Friedman, M. (2002). Capitalism and Freedom. University of Chicago Press.
• Smith, A. (1776). The Wealth of Nations. Methuen & Co., Ltd.
• Elhauge, E. (2020). The Economics of Antitrust Law: Competition and Efficiency. Harvard University Press.
• Varian, H. R. (2014). Intermediate Microeconomics: A Modern Approach. W. W. Norton & Company.