Scarcity as a Microeconomic Issue
- Economic issue
- Why is it an economic problem?
- Where is the trade off?
- Make it clear in introduction
- Social importance
- Why important?
- What part of society affected?
- Economic principles (Mankiw principles: opportunity cost, marginal reasoning)
- The body of your essay has to be guided using economic principles.
- Use economic principles to argue the point.
- Diagrams are a plus but not mandatory
- Conclusion: summary of main argument
- Sources
- 5 academic sources
- journal articles (American economic review, quarterly journal of economics, rand journal of economic)
- text books
- articles published by economists
- use citations properly (consistent)
- 5 academic sources
- Clarity
- grammar, spelling
- argumentative
- avoid subjective sentences
requirement: 5-7 pages, citation,
Answer PreviewScarcity basically refers to the insufficiency or the inadequacy of a resource. A resource that is incapable of satisfying human wants is assumed to be scarce. Scarcity is one of the most basic microeconomic problems that several economies face. The fact that human wants are insatiable means that they always require regular satisfaction using resources. Human wants are…
(1753 Words)