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Essay About Scarcity

924 Words4 Pages

Is scarcity real? This is the key term in our topic, which also leads me to think that yes, it’s certainly true that it’s real. But does it imply trade off or redistribution of wealth? Economics is a disciple which concerns with production, consumption and transfer of wealth. It is a study of scarcity, how people use resources, how they allocate them and use them in a way to maximize or reap benefits out of them. It greatly focuses on the problem of scarcity which all the economies face in real life. Scarcity has many definitions. It is the problem that arises due to limited resources which leads to the issue of not fulfilling the wants of a consumer. It is a basic cause of economic activity and without it, there would be no use of manufacturing of goods, trade or choice. Modern economists fight over the definition of scarcity. Many believe that everything that comes with price is scarce but resource economists tend to consider …show more content…

VELICER' AND RICHARD E. LENSKI in which experiments on bacteria were carried out. There were two situations in which resources were scarce and in the other scenario there were abundant resources. In these situations, there evolutionary reactions were observed. 36 population of bacteria were allowed to acclimate to either abundant or scarce resource regimes. Now there were two regimes in which one was allowed to use scarce resources and the other was to use the abundant resources. Most of the population used the abundant resources which were readily available where as some of them diverged towards the other regime. This study was conducted by lucknbill (1978). Another study was conducted which contradicted lucknbill’s study was that bacteria exhausted their own resources and then moved towards the scarce resource. Hence this proves that they are quite similar to the behavior which human react. Using the resources available right now and then moving towards the scarce resources to maximize their

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