Description of the Economic Concept (K/U): Scarcity is a major economic problem that arises because people have unlimited wants but resources are limited. Since there is a relative scarcity of these resources, we will always live with the economic dilemma of our wants exceeding our ability to satisfy them.
Article #1
Scarcity of minerals, metals a concern for manufacturers, suppliers: PwC survey By David Friend and John Valorzi, The Canadian Press | January 11, 2012
77 per cent of manufactures surveyed said they believe tighter supplies of materials cause stress for suppliers
Some minerals become rare, therefore increases their price and demand
Prices some of metals experiences dramatic price increase in recent years
Chinese government tightened quotas for some rare metals used in cellphones and other high-tech products in order to higher the prices and counter weak demand
PWC says companies are worried as they see supplies dry up
Surging demand as promoted companies in Canada, California, India, Malaysia, Russia and other countries to develop rare earth mines in the near future
The consulting partner and leader of business from PwC, Column Semple said buying power, co-ordinated purchasing policy, recycling, and extraction, upgrading technology and forward contracts with key suppliers are just a few of current and potential opportunities resource scarcity presents to manufacturers
Opinion:
In my own opinion, I feel that the more products that are being developed in certain countries will lead us to use up more supplies. We have to remember that everything has a limit by really realizing the difference between wants and needs. By reading the article, I’ve learned that many of these metals and minerals are used in popular electronic devices. As years go by, technology always improves and enhances which means we have to use up more of the mineral supplies in which case the demand will certainly go up. We learn in class that for most of us, available resources consist of our income and savings, and since these are limited, we must economize, or use resources wisely. We are currently facing economic decisions practically because, our needs and wants are virtually unlimited, while our means to satisfy them are quite limited
Analysis: If we are going to continue using more resources in order to produce products that require a lot of minerals, this could put the Canada’s economy in a crisis. In this article, it is obvious that it states how we are low on supply, therefore demand is very high. We have to use our resources wisely while consuming the last amount of available resources. Countries should learn to use minerals wisely so that you wouldn’t be low of supplies and later on have a hard time importing more minerals, which causes a huge problem for the economy.
Article #2
Water Scarcity a Worry By Dave Mabell, Lethbridgeherald | Decemeber 6, 2011
Recent Grads not able to get jobs
Companies only allowing high skilled workers
Low-skilled but high-paying jobs moved offshore, leaving low-paying jobs, or professional jobs that require specific technical skills with few people to fill
Current generation lose large portion of workforces as baby boomer gen retires
Without skilled workers, Canada can’t be competitive globally and can’t drive growth
Employees need to have more high standard of skills to enter work place
Businesses beginning to focus on “growing their own talent”
Recruiting only smart, talented grads off campuses and training for specific jobs
Opinion: After reading this article, I feel that it is time for the Albertan’s government to take some action because if not, they will be facing water crisis since already no more water is available from the Oldman River and other parts of the South Saskatchewan basin. In Chapter one, we learned that if we face questions on what we need, what we want, and what we can afford to do, we are engaged in economic decision making. And this is exactly what the Albertan government needs to do. They need to better themselves by making decisions that will benefit the province more.
Analysis: If the Albertans government do not use their water resources in a good matter, it will cause them to be low on water supply which affects all the land that is part of Alberta. Alberta has many lands and fields that need water in order for these agricultures to live. And we need these agricultures for the people or else Alberta would not be a livable place.
Inquiry Questions:: 1. What are some ways or choice of actions you can make in order to eliminate scarcity? 2. After reading some articles and knowing some knowledge, what are the three main reasons as to why scarcity occurs within periods of time? 3. Why is it that scarcity is an important issue in terms of economics?
Description of the Economic Concept (K/U):
Scarcity is a major economic problem that arises because people have unlimited wants but resources are limited. Since there is a relative scarcity of these resources, we will always live with the economic dilemma of our wants exceeding our ability to satisfy them.
Article #1
Scarcity of minerals, metals a concern for manufacturers, suppliers: PwC survey
By David Friend and John Valorzi, The Canadian Press | January 11, 2012
Opinion:
In my own opinion, I feel that the more products that are being developed in certain countries will lead us to use up more supplies. We have to remember that everything has a limit by really realizing the difference between wants and needs. By reading the article, I’ve learned that many of these metals and minerals are used in popular electronic devices. As years go by, technology always improves and enhances which means we have to use up more of the mineral supplies in which case the demand will certainly go up. We learn in class that for most of us, available resources consist of our income and savings, and since these are limited, we must economize, or use resources wisely. We are currently facing economic decisions practically because, our needs and wants are virtually unlimited, while our means to satisfy them are quite limited
Analysis:
If we are going to continue using more resources in order to produce products that require a lot of minerals, this could put the Canada’s economy in a crisis. In this article, it is obvious that it states how we are low on supply, therefore demand is very high. We have to use our resources wisely while consuming the last amount of available resources. Countries should learn to use minerals wisely so that you wouldn’t be low of supplies and later on have a hard time importing more minerals, which causes a huge problem for the economy.
Article #2
Water Scarcity a Worry
By Dave Mabell, Lethbridgeherald | Decemeber 6, 2011
Opinion:
After reading this article, I feel that it is time for the Albertan’s government to take some action because if not, they will be facing water crisis since already no more water is available from the Oldman River and other parts of the South Saskatchewan basin. In Chapter one, we learned that if we face questions on what we need, what we want, and what we can afford to do, we are engaged in economic decision making. And this is exactly what the Albertan government needs to do. They need to better themselves by making decisions that will benefit the province more.
Analysis:
If the Albertans government do not use their water resources in a good matter, it will cause them to be low on water supply which affects all the land that is part of Alberta. Alberta has many lands and fields that need water in order for these agricultures to live. And we need these agricultures for the people or else Alberta would not be a livable place.
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Inquiry Questions::
1. What are some ways or choice of actions you can make in order to eliminate scarcity?
2. After reading some articles and knowing some knowledge, what are the three main reasons as to why scarcity occurs within periods of time?
3. Why is it that scarcity is an important issue in terms of economics?