Parking in Los Angeles
Considering the economic definition of scarcity, would you say parking in Los Angeles is scarce? Why or why not?
I’m looking for 3-4 thoughtful paragraphs for your initial post (not just “Not if you know where to look” or “Parking–what’s that?”) framed in terms of what you have learned about scarcity.Any response that seems to quote too extensively from your text OR from any internet discussion of scarcity or parking will receive NO points.
Please think like an economist (it’s never too early to start…)
Answer preview
Scarcity in economics is the problem of having unlimited resources to satisfy the endless human needs and wants with the available limited resources. The society does not have enough resources to fulfill the needs of the people (Tietenberg, and Lewis, 2018). Parking in Los Angeles is scarce because everyone cannot have a parking space. The resources are not enough to provide parking space for everyone since parking space is associated with money which is also scarce. The parking space can be used for other activities or even sold. Due to the fact that there are alternatives uses…
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