Question.4823 - Chapter 1 HomeworkECN 251Sam BissessarWilliam Woods UniversityWhat is scarcity? Can you think of two causes of scarcity?The economic theory of scarcity states that while human needs and desires are limitless, resources are finite (Shapiro, 2022). This suggests that there is never enough to meet everyone's needs.Two primary causes of scarcity are (Shapiro, 2022): Limited resources: Earth's supply of minerals, energy, and land is limited. These resources are frequently either nonrenewable or require a lengthy time for recovery.Unlimited needs and desires: From necessities like food and shelter to more sophisticated demands like expensive products, entertainment, and education, humans have an endless number of needs and aspirations. These demands and desires are frequently illogical, implying that individuals are always looking for more.A consultant works for $200 per hour. She likes to eat vegetables, but is not very good at growing them. Why does it make more economic sense for her to spend her time at the consulting job and shop for her vegetables?According to the opportunity cost hypothesis, the consultant should concentrate on her consulting responsibilities while she is out vegetable shopping. Growing vegetables has an opportunity cost, which is the money she could have made at the time by giving advice (Shapiro, 2022). As a consultant, she earns a lot of money every hour; therefore the potential cost of cultivating vegetables is substantial. Therefore, it is more cost-effective for her to focus on her consulting business and buy veggies from farms that are more productive. This enables her to concentrate on the task where she may get a competitive edge and optimize her earnings.Give the three reasons that explain why the division of labor increases an economy’s level of production.Specialization: Workers' output steadily rises as they master a certain task. They improve their abilities, learn more, and commit fewer mistakes. This specialization leads to the production of more.Efficiency: Through labor sharing, employees may focus on their areas of strength rather than attempting to accomplish everything themselves. These result in greater efficiency by cutting down on wasted time and effort.Innovation: The division of labor can encourage innovation as workers become more task-focused and specialized. They may develop novel techniques, tools, or processes to boost productivity and efficiency. This innovation could increase economic growth and productivity.What is the difference between microeconomics and macroeconomics?The study of how individuals, families, and businesses act is known as microeconomics. It focuses on how supply and demand interact to determine the prices and quantities of goods and services that are sold in the marketplace. Macroeconomics studies the economy, including governmental policies, inflation, unemployment, and economic growth. Microeconomics is concerned with individual issues, while macroeconomics is concerned with the economy as a whole (Shapiro, 2022). Both subjects are interrelated and crucial to understanding how the economy operates.Why is it unfair or meaningless to criticize a theory as “unrealistic?”The term "unrealistic" is often unjust and pointless as a theory is a simplified representation of a complicated reality. They seek to offer a framework for understanding and describing occurrences rather than attempting to duplicate every element of the real world (Shapiro, 2022). They typically simplify theories and make assumptions to make them easier to handle and analyze. It is more advantageous to evaluate a theory based on its explanatory capacity, prediction accuracy, and conformity to empirical facts than on its implausible aspects.ReferenceShapiro, D. (2022). Principles of Macroeconomics 3e. OpenStax College.
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