ECO204 Week 1 Discussion 1 Scarcity

Hello Class!

Explain what resources are.

Resources to me have always been money or assets that I could use in order to get a particular job done. According to our text, resources are inputs, such as land, labor, capital, or enterprise that can be used to produce goods and services for human consumption (Amacher & Pate, 2019). These resources include the natural resources that is vital to our everyday lives like energy, food, water, land, and minerals.

Evaluate why current resource scarcity is problematic.

The current resource scarcity is a problem because we as humans want and have grown accustomed to the comforts of limited resources.

What future problems would result from scarce resources?

There are many problems that can result from scarce resources such as, hunger, war, crime, and distinction.

Do you agree or disagree, and why, with Chelsea Follett about overcoming future resource scarcity?

Human civilization is very well equipped to overcome resource scarcity in the future, if we can correctly identify, preserve, and expand those policies and institutions that made overcoming resource scarcity possible in the past (Follett, 2018).

I absolutely agree with Follett that if we all come together in a united effort that we can overcome the effects of resource scarcity. I think that we must all do our part to preserve our Earth.

Recommend how to overcome present and future resource scarcity.

In order to overcome any present and future resource scarcity, humans must make decisions about how to use the resources more efficiently and all come together to conserve the resources.

REFERENCES:

Amacher, R. and Pate, J. (2019). Principles of microeconomics (2nd ed.). Retrieved from https://content.ashford.edu

Follet, C. (2018, August 2). Are humans prepared to overcome resource scarcity in the future? (Links to an external site.) Forbes. Retrieved from https://www.forbes.com/sites/quora/2018/08/02/are-humans-prepared-to-overcome-resource-scarcity-in-the-future/#6193d52466cc