Aug 18 2014

Welcome all new Econ students! Time to start thinking like economists

Published by at 8:00 am under Basic Economic Question,Scarcity

One of the questions I like to ask my student during the first week of class every year is “What is Economics?” The answers are always interesting to read, because unlike many other high school classes, Econ is one of those subjects students sometimes have no idea what it’s all about when they sign up for the class. Below are some of the definitions of “Economics” students shared in their first day survey this week:
  • “Economics is the study of money flow between either countries or individual companies.”
  • “My definition of Economics is the control of money by a person, organization or nation.”
  • “Economics is a complex system that determines and justifies global prices, currency values, and ultimately the success of a nation.”
  • “I’d say Economics is the study of how humans use resources including income, investments, taxes and the economy.”
  • “I think economics is the study of investments and money. Especially income and outcome, and taxes in the government.”
  • “The study of the distribution of wealth and how human beings tend to handle wealth.”
  • “A bunch of old men moaning about all of the potentially free lunch oppurtunities they had missed in their youth, passed off as the behaviour of markets.”

As you can see, most students do not yet have a clear definition of the subject in their heads when they start the course, which is perfectly understandable! So I thought I’d start the year off by sharing my definition of economics. Please read the following introduction to Economics then answer the discussion question that follows.

So what IS Economics, anyway? Well, look around you. What do you see? From here in my classroom at Zurich International School, I see five new condominium buildings being built. I can count eight yellow cranes swinging their arms hauling construction materials around their respective sites. Beyond the cranes I see a beautiful forest stretching up a hillside with green sheep pastures and quaint farm houses scattered here and there. I see a church steeple and the rooftops of the businesses down in the village below school. I can just see the tops of cars racing along the A3 highway to and from Zurich and the other cities of central and eastern Switzerland.

Now ask yourself, how did things get to be this way? Why are new condos going up in the midst of Europe’s deepest recession in decades? Why are farmers still able to graze sheep on hillsides when 100 square meter condos are selling for a million francs just below their fields? Why are the ancient forests of the Sihlwald still standing even as development has encroached into most of the region’s  forests and natural ecosystems? How do normal people make enough money to live comfortably in this expensive country? Where do the things we buy come from? Who built this computer I’m typing on and what will I be doing for a living in twenty years?

One of my favorite quotes that to me sums up what economics is all about comes not from an economist, but from the civil rights leader Martin Luther King. In 1967 King wrote:

Did you ever stop to think that you can’t leave for your job in the morning without being dependent on most of the world? You get up in the morning and go to the bathroom and reach over for the sponge, and that’s handed to you by a Pacific islander. You reach for a bar of soap, and that’s given to you at the hands of a Frenchman. And then you go into the kitchen to drink your coffee for the morning, and that’s poured into your cup by a South American. And maybe you want tea: that’s poured into your cup by a Chinese. Or maybe you’re desirous of having cocoa for breakfast, and that’s poured into your cup by a West African. And then you reach over for your toast, and that’s given to you at the hands of an English-speaking farmer, not to mention the baker. And before you finish eating breakfast in the morning, you’ve depended on more than half the world. This is the way our universe is structured, this is its interrelated quality.

Economics is about all the questions I posed above and it’s about all the interactions King describes. Economics is about solving one major problem faced by all human societies going back thousands of years. Economics is about the problem of scarcity. Scarcity is the natural phenomenon arising from the fact that all the world’s resources are physically limited in quantity.

Limited resources alone would not pose a problem if it were not for one characteristics of human beings that makes us truly unique in the animal kingdom. The fact that we have desires and wants beyond our basic physical needs. In the face of humans’ practically unlimited desires and wants, the limited nature of the earth’s limited natural resources gives rise to conflicts regarding the allocation of those resources. Economics is the social science that deals with the allocation of earth’s scarce resources among the competing wants and needs of society. Economists provides society with various tools and techniques for efficiently allocating our scarce resources.

Discussion question:

  1. Scarcity of resources has given rise to countless conflicts among and between societies throughout history. Identify one conflict from the past or present that you think the problem of scarcity gave rise to.
  2. Some say that many of the environmental problems our world faces to day can be solved by economics. If that’s the case, then they must have to do with scarcity. Identify one environmental problem and explain how it relates to scarcity.
  3. Time is one of the scarcest resources. Explain how the decisions you make regarding your limited time in and out of school can be considered economic decisions.

 


About the author:  Jason Welker teaches International Baccalaureate and Advanced Placement Economics at Zurich International School in Switzerland. In addition to publishing various online resources for economics students and teachers, Jason developed the online version of the Economics course for the IB and is has authored two Economics textbooks: Pearson Baccalaureate’s Economics for the IB Diploma and REA’s AP Macroeconomics Crash Course. Jason is a native of the Pacific Northwest of the United States, and is a passionate adventurer, who considers himself a skier / mountain biker who teaches Economics in his free time. He and his wife keep a ski chalet in the mountains of Northern Idaho, which now that they live in the Swiss Alps gets far too little use. Read more posts by this author

98 responses so far

98 Responses to “Welcome all new Econ students! Time to start thinking like economists”

  1. Nicholas Milliganon 20 Aug 2010 at 1:29 am

    1. Scarcity has been the source of many conflicts, one of the most obvious being the Cuban Revolution. Before Castro's rise to power, most companies in Cuba were owned by American investors or an elite few of Cubans, and the Americans alone owned an estimated 1/3 of Cuban arable land. As a result, there was a large gap between the many poor farmers and the few wealthy landowners, which plunged the country into revolution. The large disparity between lavish excess and relative scarcity created social unrest.

    2. Deforestation in the Amazon has been hailed as one of the greatest environmental challenges we face in the 21st century, and is in part fueled by farmers destroying hectares of tropical rain forest in order to plant crops and make a living. The scarcity of arable land in the region has led many farmers to simply create some themselves, thus destroying much biodiversity.

    3. Because, like everyone, I have limited time, it is important that I manage it in a way that is most beneficial to myself. One such choice I frequently must make is finding the right balance of school work and personal life. If I do not spend adequate time on my studies, my grade will suffer, and consequently, I will not go to a desirable university which in turn diminishes my chance of finding a job that is well paying and personally intriguing and interesting. On the other hand, should I choose to spend too much time on work, I will no longer have a healthy social life, which would turn me into the soulless shell of the person I once was.

  2. Sarah Eggeron 20 Aug 2010 at 1:36 am

    1. Right between the two WW, there was a time of scarcity. People were in need of food and other important resources. This was considered a very rough time, not only for the soldiers but also for the normal inhabitants of a city. There was a conflict between the different countries and also between people.

    2. Pollution is one of the biggest problems. One example is, that water is being polluted. This will eventually lead to water scarcity.

    3. This is something that affects everyone. I have to learn how to manage my time and choose what I find more important. After school when I get home, I finish my homework and the things that need to be done. I don't spend time on things that wont help me in several years before I've done something which might be helpful.

  3. Reem Hassanon 20 Aug 2010 at 1:39 am

    1. Throughout the past five years, the scarcity of diamonds played a key role in achieving funds to provide for transportation, food, clothing, and most considerably, weapons. Therefore, attention has been paid to the issue of “conflict” diamonds. Countries such as Sierra Leone, Angola, Liberia, and the Democratic Republic of the Congo have been used to fund combatant, whose major targets are civilians. The civil war during the 1990’s in Angola left 500,000 dead. Eventually, diamonds became a central issue because the trading centers into which diamonds flow, such as Tel Aviv, Antwerp and London, as well as major consumer markets such as the United States have relatively scarce supplies.

    2. An environmental problem our world faces today is Deforestation, the ever increasing population causes forests to be destroyed to accommodate expanding urban areas and to clear land for agriculture while increasing the risk of global warming. Deforestation rates are on the rise. Its impact on the atmosphere is growing daily, and one of the possible tools to combat deforestation is to know what causes it. Deforestation relates to scarcity because with the limited amount of vegetation due to destructive ways of taking down trees which leads to either unhealthy vegetation or a shortage in vegetation.

    3. Handling Time regarding in and out of school are similar to economics because students have to make many decisions based on their future life whilst balancing limited time for both entertainment and school as well as finding the right time between work and leisure based on your own frame of mind and desires.

  4. The "Other&quoton 20 Aug 2010 at 1:47 am

    In early Scandinavia both females and arable land, which then counted for a man's wealth, were scarce, the latter proving necessary to guarantee victory in the contest for the former. This scarcity led to the ransacking of coastal towns and cities all across Europe; evidently the only way that a Viking found he could collect wealth and "buy" a wife back home.

    If economics really is just about "the problem of scarcity", then: yes. Mass deforestation in Indonesia has continued uninterrupted for years as timber is a vital resource for both fuel and as a construction material, the demand for which is only growing as Indonesia rapidly expands in numbers. The sheer amount of forest cut down each day is a matter of great environmental concern, for as trees are disappearing so are whole ecosystems, and earth that has long been held in place has become as unrooted as the trees, the result of which has led to an increasing number of major landslides all over Indonesia. If trees, as a resource, were to be managed more effectively than a massive chop-all-you-can lumber party, perhaps the irreversible damage being done to Indonesia's dwindling rain forests may lower.

    How I use my time could be considered a series of economic decisions, as I am dispensing a scarce resource in a way that I feel best serves the purpose of aptly satisfying all the demands body and mind set upon me day after day.

  5. Maphrida Forichion 20 Aug 2010 at 2:03 am

    1.Scarcity of resources has given rise to countless conflicts among and between societies throughout history. Identify one conflict from the past or present that you think the problem of scarcity gave rise to.

    2.Some say that many of the environmental problems our world faces to day can be solved by economics. If that’s the case, then they must have to do with scarcity. Identify one environmental problem and explain how it relates to scarcity.

    3.Time is one of the scarcest resources. Explain how the decisions you make regarding your limited time in and out of school can be considered economic decisions.

    1. Water is a basic human need, and we need it in order to survive. Our worlds population is increasing at an incredible rate every year. Therefore, the demand of water is also gradually increasing. But is there enough supply? It is predicted that in less than 15 years, two thirds of the worlds population will be living under stress conditions. The 21st century introduced a conflict between the Isralis and Palestinians, because of inadequate access to water resources. It is inevitable that the next World War shall indeed be a struggle for Water.

    2. Oil. We depend on it to power almost everything our world runs on, but it is now scarce due to the way we have exploited it in the past. All over the world, countries are struggling to receive enough oil supply to meet the demand. Some econimists believe that "oil scarcity will spell the end of globalisation."

    3. They say Time is Money. And i believe that any time wasted, is opportunity lost. It is a typical economic quote yet it is true. Not planning my time wisely can cost me something as insignificant as missing the bus or even handing in an incomplete assignment. I manage my own time and i control the time i choose to spend with my friends and the time i choose to work. This can be considered an economic decision because it is all about what i have and how i make use of it.

  6. Stephanon 20 Aug 2010 at 2:12 am

    1) The resource which we probably hear about the most in the media today is oil. People are trying to find ways to get a round this resource by using electricity or trying to convince people to use public transport. But as long as there is no easier way to get to a place fast and more or less indipendent, there will be no replacement. So every country using cars for transport also have to be in the oil business which means there is a lot of discussion around prices since there are wealthy and not so wealthy countries, this leads to conflicts which as in the case of america can even lead to war.

    2) I think the cutting down of forests especially in the brazilian rain forests is a good example for the unlimited desires and wants of a human being. Whole companies are working to cut roads into the rain forest chopping down an uncountable amount of trees just to reach one big tree after the other. So much forest is cut down that it has no chance of self regeneration.

    3) The decision which I had to make in the beginning of this year was, if I should come to school by public transport or if I should take my motorbike to drive here. When I take the motorbike i can sleep more than one hour longer, therefore I have to pay for fuel, assurance and the bike of course. If I decided to take public transport I would have to get up earlier, therefore I would not have to pay for the above mentioned. Either I have more free time after and before school or I would help the environment.

  7. Chris Bertramon 20 Aug 2010 at 2:19 am

    1. As we all know, oil is a resource that is the cause of many conflicts. For example, there is a running conflict between the countries that have an arctic coastline such as Russia and Denmark who are fighting over the massive reserves of oil and gas in the Arctic.

    2. The scarcity of water is an environmental problem that has been around since many centuries. Nowadays, the problem is arising all over the world; especially in very dry areas with little rain. The deforestation of rainforests is another environmental problem. Due to the lack of farmland, gigantic pieces of forest are cut and burned down so that farms can be expanded.

    3. The decisions I make can be looked at as economic decisions. This is primarily because I have to manage my scarcity of time so that I can complete my homework and still have some time left over for other activities such as playing tennis. In economics, the scarcity of resources has to be managed which relates to me having to manage the limited time I have after school.

  8. Dan Harmanon 20 Aug 2010 at 2:48 am

    1) Diamonds are very rare and precious stones, due to their scarcity, they have become extremely valuable all over the world. Unfortunately this has caused many militant groups in southern Africa to engage in brutal "blood diamond" trafficking, in which they enslave individuals from the area and force them to dig for diamonds. The diamonds are then sold to the markets in the rest of the world and sold to consumers in wealthy countries. The diamond retailers withhold many of the diamonds they obtain from the mines in order to increase the scarcity and drive up the price.

    2) The destruction of coral reefs is a major concern for tropical destinations all over the world. One of the reasons the reefs are being destroyed is due to overfishing in the waters around them. The scarcity of fish has forced fisherman to begin to look elsewhere and has begun to interfere with the natural ecosystems of the coral reefs. However coral reefs themselves can attract many tourists from colder, non tropical countries. Really, this situation is harmful to both the environment, and the tourism market.

    3) The time I spend at home doing homework could be considered an economic situation. I have to weight all the tasks necessary to be completed in order of importance and complete, or not complete, them according to how important I feel they are. For example, if I had a major history assignment due the next day which was to count for a large portion of my grade, I would value that more highly and complete that before moving on to any of my less important assignments.

  9. Penelopeon 20 Aug 2010 at 3:26 am

    1. As there is over 6 billion people in the world and only 3% of the earth’s water is fresh; water is considered one of the world’s scarcest resources. Water is excessively high is demand, and low in supply which conflicts as supply must equal demand in order to function efficiently. Countries such as Indonesia and Nigeria don’t have access to clean drinking water, which is a problem hard to resolve. The conflict is essentially between human and resource; despite the fact that in 2008 there was a human to human conflict where the Taliban threatened to blow up Pakistan’s Warsak Dam.

    2. Noise pollution is a worldwide environmental problem which affects both humans and nature resulting in a scarcity of silence.

    3. One who has limited time and is in a hurry is more willing to pay the price to get wherever they need to be at that allotted time; resulting in a boost of the economy.

  10. Juliuson 20 Aug 2010 at 3:41 am

    1)Our world is running out for valuable resources such as fossil fuels. Since the invention of the car the use of oil has increased rapidly. Small ford T models turned into large gas sipping hummers and the easy finds for oil have turned into hundred meters of drilling. The gas prices swing rapidly in prices. A war is now being fought of the minuscule amount of oil remaining.

    2) Trees are increasing to be cut down for paper. The use of paper is increasing and so more trees are being cut down. The price of paper will increase and the product sold will increase causing a decrease in profit. Leading in decrease of jobs which would upset the working class.

    3) Everyone says time is money and i agree. More time waisted is less money made. At least that is what my capitalist mind thinks.

  11. Andrea Casinoon 20 Aug 2010 at 3:52 am

    1. Scarcity has been cause to many global conflicts. A recent conflict is caused by the scarcity of diamonds in central and west Africa. Warlords with their armies, which consist of both adults and children, take control of diamond mines, to then extract the precious crystal and sell it. These, known as blood diamonds or conflict diamonds, are called such because revolutionaries and villagers have fought and died over the possession of them.

    2. An environmental problem we've been facing for the past 50 years is the surplus of greenhouse gases rising to the atmosphere and causing global warming. This is due to the scarcity of effective and affordable methods to make energy other than fossil fuels, which we are also scarce of.

    3. Decisions I make in and out of school can be considered economic decisions because of the scarcity of time we have to carry out all of my responsibilities and my leisure activities. They can also be considered economic seeing as what I do now can and will effect my future.

  12. Luka Lobjanidzeon 20 Aug 2010 at 4:03 am

    1. When it comes to scarcity, we have necessities such as water, oil, food and land that are being fought over daily, and lives are at risk constantly. At least we can say to ourselves that these are necessities of life which are being fought for, the instinct to survive, the survival of the fittest. However, I am appalled when the ongoing struggle for diamonds still continues at this day of age. Indeed this conflict is ever so growing, as these diamonds are most commonly found in war zones, and sold to various companies by insurgencies to finance their chaos, terror and dominance in diverse war zones. Different insurgent groups use any means to obtain the diamonds, this includes slavery and killing. There is very much scarce supply of diamonds and that’s what makes their prices soar in today’s economy.

    2. As crazy as it sounds trees are actually a scare resource, that’s right. Trees. Deforestation is an ongoing problem in today’s environmental issues. The deforestation of the Amazon Rainforest to be precise, where more than 20% of Earth’s oxygen is produced and cutting down the ‘lungs of the planet’ as so its nicknamed, causes major problems. As you can guess, there is a high demand for wood, all over the world and as the Amazon Rainforest covers at least 54% of world’s rainforests, it a immense target for wood. As trees take a while to grow, supply of wood decreases while the demand is still high, and maybe consequently price of wood might rise in the foreseeable future.

    3. We distribute and produce time for ourselves and how we manage that time could be considered as economic decisions. During the 16 hour span which we are awake, that is if you got bed at 12 and wake up at 8, we spend 7 hours of that day at school. Overall, it leaves us with 7 hours of free time to spend it as we enjoy. Considering at two hours of homework, and my at the end of those two hours you might be so tired you might call it an early night and dose off to sleep. In consequence, we don’t have all the time in the world to do whatever we please, and as time is scarce how we distribute and manage that time can be easily considered economical decisions.

  13. matt beattieon 20 Aug 2010 at 4:23 am

    Question 1: A good example of Scarcity of resources resulting in conflict in a societies was during the French Revolution where the peasants of France were starving. The reason for this was due to a bad harvest that year so the kings took the food and priced the food highly due to high demand so it was harder for the peasants to get which resulted in rioting.

    Question 2: One major environmental problem is deforestation. Due to the lack of trees it results in paper being more expensive to create and therefore sell. A higher price in paper would lessen peoples demand for paper or make them recycle more which would result in less deforestation.

    Question 3: The decisions you make regarding your limited time out of school with the expectation or meeting the demand of homework with still providing enough time to sleep, eat and have some free time can be considered as an economic decision.

  14. Philippaon 20 Aug 2010 at 4:43 am

    Beyond the common scarce resources such as oil, gas, water, land and food which have caused significant conflicts in the past, other minor resources such as opium have also been the subject of disputes between the countries involved. In the nineteenth century, two wars were fought over the resource opium of which China wanted so much, yet had so little, of. With the demand being greater than the supply, this drug was considered scarce. Between the years 1839 and 1858, the British and Chinese governments fought extensively resulting in severe losses for both.

    One particular environmental problem is pollution; water pollution to be specific. Centuries ago the increased number of factories in the Industrial Revolution increased the amount of water pollution. Factories deposited their waste (free of charge) in the river Thames in London, as well as many other rivers across England, spreading pollutants in the water. Modern causes of water pollution include farmers’ fertilizers, acid rain, oil spills, waste in the oceans and poorly managed sewage, particularly in LEDCs. Therefore toxin-free water is an increasingly scarce resource as well as a worrying issue, particularly for those who are not privileged enough to be able to filter water. People in LEDCs such as Sub-Saharan Africa are greatly affected. Considering 97% of the Earth’s water is salty, sea water and 2% is “locked up” in glaciers and ice caps, we are only left with 1% scarce fresh water of which an increasing amount is polluted, therefore unusable.

    The decisions I make regarding time are very important to my success and happiness. I must ensure that I plan for what is imperative such as drinking, eating, sleeping and going to school as well as accommodating time for homework, exercise and free time after school. Not only do I take myself in to account, other people also slot in to my time, such as family and friends. I must get the balance correct in order to save time in the long run, taking my wants and needs in to consideration. The economic decision here is allocating my scarce resource (time) to myself, other people and our desires versus our needs.

  15. Orpa Alamon 20 Aug 2010 at 4:46 am

    1. Scarcity of resources has given rise to countless conflicts among and between societies throughout history. Identify one conflict from the past or present that you think the problem of scarcity gave rise to.

    One of the most recent scarce resources would be the fossil fuels, the prices have been on a steady incline for a number of months and is all due to the fact that Fossil fuels have become more scarce and are predicted to become even scarcer.

    2. Some say that many of the environmental problems our world faces to day can be solved by economics. If that’s the case, then they must have to do with scarcity. Identify one environmental problem and explain how it relates to scarcity.

    One of the biggest environmental problems our world faces today is deforestation. Forests are cut down to produce products that people desire and also to make room for the factories that produce the products. Deforestation also occurs for agricultural purposes, yet the Forest relates to human life, it is what keeps enough oxygen in the air for us to breath and gives a home to many animals.

    3. Time is one of the scarcest resources. Explain how the decisions you make regarding your limited time in and out of school can be considered economic decisions.

    It can be considered an economic decision because I need to manage my time correctly in order to complete all my homework in time and also so I can manage my time as such that I have some free time. But managing my time can have also have affects on other aspects in my life like if I waste my time doing something unnecessary it could cost me something much more necessary.

  16. Francesca Perversion 20 Aug 2010 at 5:06 am

    1. One of the most dramatic conflicts of the past that has been caused by scarcity of resources has been World War I.

    In fact, after the industrial revolutions countries as England, France and Germany had a double need: first to find raw materials for their industry and secondly to export their surplus of goods. Therefore they initiated their colonial conquers. In the first decade of the twentieth century Germany had a disadvantage towards Britain and France and tried to conquer from them as many territories as possible.

    2. in many parts of Europe the balance between the demand of water and hydric resources available has got to a crucial point. The need of water and draught are heavy environmental issues, and climatic changes won't simplify things. For example the use of water that Europe does is unsustainable and this brings to scarcity and drought. But to try to solve the problem it has been introduced a system that basically sells "industrialized" water (ex bottled water) and that raised the water prices instead of getting people and companies used to not to waste water.

    3. I'm not sure that all decisions I make regarding my time are always economic: some days I loose control of time and I don't really do all the things I should or I'd like to do. Anyway a good "economic" example of my use of limited time is when in a week I attend school, do my homework assignments, spend some time with friends, do some other leisure activities and also some baby-sitting to earn some pocket money. Any other week without one ore more things is less "economic".

  17. Philip B.on 20 Aug 2010 at 5:07 am

    1. Scarcity of resources has been a cause of many different global issues throughout history. One of these which is still accurate and important today, is the lack of a clean water supply in many 3rd world countries.

    2. I think problems as big as the greenhouse effect, playing a major part in everyone's life, are related to economics. A big factor in the cause of the problems, for example, are cars. If we had more types of fuels which did not affect the environment as savagely as the current petrol, the problem would not be as big or even eliminated.

  18. Jake Freemanon 20 Aug 2010 at 5:18 am

    1. The Salt Wars, fought between the British and the Spanish in the mid-19th century over, something seen as not quite scarce today; salt, was fought over the political and economical jurisdiction of the El Paso area, which included the Salinas of Lake Lucero.

    2. The scarcity of rain forests is causing 2 major problems, including soil erosion and the destruction of biodiversity. With the eradication of our rainforests countless species will be wiped out if we continue to use wood as timber for construction and for paper.

    3. The time I have outside of school is rather limited because of my location in comparison to the school. This means the time I have is very scarce, I have about 5 hours when I get back home, in which a few things are needed to be done, eating dinner, taking my dog out for a walk and cleaning up the house. This takes up roughly an hour of my time, leaving me with less than 4 hours for my homework and free-time. If I invest smartly in my free periods in school however, I can have a longer period of free-time for when I get back home.

  19. Alisha MacIsaacon 20 Aug 2010 at 5:18 am

    `1.Scarcity of resources has given rise to countless conflicts among and between societies throughout history. Identify one conflict from the past or present that you think the problem of scarcity gave rise to.

    Initially when many people think of scarcity they look at initial problems such as food or water, but several conflicts in the past and present have been due to scarcity of land. An example of this was the Partition of Palestine in 1947, when the Isreali's developed conflict with the surrounding Arab population because there was not enough land available for both groups of people.

    2.Some say that many of the environmental problems our world faces to day can be solved by economics. If that’s the case, then they must have to do with scarcity. Identify one environmental problem and explain how it relates to scarcity.

    One of the current evironmental problems, or a problem for the envornment is the limited supply of fossil fuels, more specifically oil and its global distribution. As a necessity, especially in developped countries, the cost, supply and sale are constant economic problems.

    3.Time is one of the scarcest resources. Explain how the decisions you make regarding your limited time in and out of school can be considered economic decisions.

    My time in and outside of school is a scare resource that I must be able to divide appropriately between necessities such as eating, drinking, homework and class time and extra activities such as spending time with friends or watching TV. Because time is limited it is necessary that thought be put into the decision that dictate which things are the most and least important and therefore get the most or least time devoted to them.

  20. Saugata Mittraon 20 Aug 2010 at 5:50 am

    1) The ongoing conflict for "blood diamonds" that has existed in West Africa since the introduction of diamonds as a scarce resource is a perfect example of scarcity causing conflicts amongst human beings.

    2) Global climate change is one extreme anathema that plagues mankind in this day and age, and the roots of climate change can be traced back to scarcity with very little diversion in blame. The modern world has run on fossil fuels since we've started making significant advances in technology. Almost everything we use on a daily basis has to do with electricity, which is created through the combustion of fossil fuels. Fossil fuels are a non-renewable resource, meaning they are scarce, thus heightening its sense of value amongst our society. The limitations of how much oil, coal, timber, etc. there is in our world has given rise to the problem of global climate change, due to the complete ignorance of our ancestors and their thorough dependence on the fossil fuels of our world, which, in our time of development, were extremely useful. We never spared a thought for the consequence of suddenly running out on fuel; the apocalypse of modern society. This is an issue that is thoroughly intertwined in the problem of scarcity.

    3) Time could be considered the scarcest resource of all: once spent, it will never come back. We decide what to do with our time through out our day, without sparing a second thought. We are all so caught up in living and planning for the future that no one stops and thinks to themselves 'am I spending my time wisely?' How we spend our time is our own decision, and the scarcity of time makes it an economic decision. It is up to us how we spend our time, much like it is up to us how we spend our money.

  21. Anina Fankhauseron 20 Aug 2010 at 6:21 pm

    1. One problem that seems to find it’s way into the news over and over again throughout centuries is oil. It is not surprising that oil is called “the black gold”. Oil has an enormous value for those who own the wells. As oil resources are depleting at a fast past and the consumption, is still increasing for oil based products, oil becomes more and more a scarcity. For decades there have been multiple political conflicts in the fight for the access to the black oil. The most prominent area for such a conflict is the middle east.

    2. The water scarcity in Africa will become increasingly a problem. It is an obvious fact that water is a necessity, as humans as well as animals would cease to exist. All living beings need water to function and to be able to rise to efficient workers. Due to the water pollution the natives of Africa have do deal with a variety of deceases some of them leading to an inability to work or a high mortality rate. For as also the crops and cattle have no chance of surviving in the heat of the equator without the necessary water, leaving the natives with hunger and dehydration. The combination of these factors leaves the economic state helpless, making change on there own nearly impossible without foreign help. When it comes to finding solution it poses to be an immense challenge. There needs to be a better political willingness for such a program and commitment considering the fact that a great deal of money and resources need to be invested in new technology and concepts in countries, which are still today considered as being underdeveloped.

    3. Our time is limited to 24 hours a day, seven days a week of which we cant even use to full extend due to sleeping and other factors. It is because of this we need to be conscious of how we divide up our time. We all get up in the morning to get ourselves ready for school, some take longer, such as I and waist a great amount of time just thinking about getting ready and what to do with myself, wasting valuable time I could be using for more sleep, increasing my efficiency during the day, or going over notes and homework making me to a smarter person. While in school, there is always the big temptation of the Internet during a class interfering with my concentration, destroying my ability to focus during class, which will result of me not knowing the discussed material and causing me to fail the test. Also there are the newly gained free periods, making me believe I have more time to relax and have fun which of course lets me forget all about homework until I get home and find a huge pile of work waiting to be done and I don’t need to mention that that results a great deal of sleep lack. In the long term this small decisions such as turning of my phone, music, facebook and other social communicating applications lead to a better and faster finished work and better results in school which will be rewarded by getting into the collage we want. We can never forget that we are economics. By doing better in school you get a better job and get to explore the wonders of economics, understand it and be able to be part of it.

  22. Izzyon 24 Aug 2010 at 7:17 pm

    1. The scarcity of water in Africa is still a big problem. The African citizens have to fight in order to have access to water.

    2. After the explosion of the Deep Water Horizon platform in the Gulf of Mexico we now have to face a huge enviromental problem. The huge demand for oil as an energy source for our mobility made oil a scarce resource and increased the risk to flow oil.

    3. The time I have available is limited. I can spend my time on many things, especially things I enjoy. Time for enjoyment and relaxtion compete with time for education. If I would just do things, that I enjoy, I would endanger my ability to get an attractive job and make a good living.

  23. Chrison 19 Aug 2011 at 6:46 pm

    AS the years have passed by, we as the human race have one scarce resource in common, which is water. For years we have ignored the importance of water and have turned our attention to products, which only satisfy our needs. It is normal for a human being to spend their money on things, that they will probably forget about the next week. It's the sense of pleasure we get when buying "goods' which is important. In our life time we all need to be happy otherwise it leads to depression or suicide. To avoid that we consume, buy clothes, video games, shoes, etc. As time goes by, we need to stop paying attention to our need for pleasure and more towards our needs to survive. The world has to find a diplomatic solution, in which every country will receive the right amount of water for its people.

  24. Chrison 19 Aug 2011 at 6:55 pm

    1. One reason why the French revolution began was due to the shortage of digestible food. In which an uprising began against the monarchy and so a revolution was started

    2. It worldwide known, the ozone layer has a hole which is directly above Australia. The ozone layer is scarce because there is not a lot of it and it is very valuable. It is one of the reasons we can live today.

    3. Time is related to scarcity because we have to share our limited time well, so we can profit as much from the learning, sports, freedom and friends. We need enough time to complete our work so, we can receive a Graduation. To receive happiness, we need enought time with friends and personal interests.

  25. Mina Gokcenon 21 Aug 2011 at 10:49 am

    1. Scarcity of resources has given rise to countless conflicts among and between societies throughout history. Identify one conflict from the past or present that you think the problem of scarcity gave rise to.

    Right now in Somalia, there is a famine, meaning that food is scarce. Over 3 million Somalis are in starvation.

    2. Some say that many of the environmental problems our world faces to day can be solved by economics. If that’s the case, then they must have to do with scarcity. Identify one environmental problem and explain how it relates to scarcity.

    There are many environmental problems, however, the most underestimated one is water scarcity. By water scarcity, I mean that there is a lack of fresh drinking water available to everyone in the world. This relates to scarcity, because water is a very valuable resource that is needed daily, however, the overpopulation of the world and global warming are causing water resources to not be sufficient enough or dry up. It is valued and there is a big demand, but a slowly declining and soon to be limited supply if the world's population continues to grow.

    3. Time is one of the scarcest resources. Explain how the decisions you make regarding your limited time in and out of school can be considered economic decisions.

    Time is always of value and everyone always says" if only I had more time," but it is about how you manage the time. If time is scarce and in big demand and luckily the supply is something you can control by making wise decisions. This relates to economic decisions, because one can make decision to save time, for example multitasking or using the train instead of the car. It is faster and more efficient and plus one does not need to pay for gas on the way.

  26. Giulioon 21 Aug 2011 at 11:37 am

    1. The conflict between Palestine and Israeli was caused by the scarcity of land for the Palestinian because it was taken by the Israeli. In this case land can be considered a resource of "place to live in" and the fact that was not enough and taken away caused a conflict between these two populations.

    2. I agree with what Mina says, water is very important and if some solution is not found the water demand will grow so much that the supply will not be enough.

    3. Time is what everybody needs but the way time is related to economy is how you manage to use it, if you use your time efficiently you won't regret it, but if you waste it you will never get it back.

  27. Simonon 21 Aug 2011 at 1:40 pm

    1. In the 21st century, one of the most scarce resources Earth has to offer is Oil. With our supply of oil dwindling and it's already high demand staying constant, the prices for the resource are skyrocketing. Thus being able to control oil-rich areas has become more desirable than ever. Thus, in the recent past, many wars have emerged on the grounds of oil possession especially in the Middle East and Africa, due to the relative abundance of it in the area. One such conflict is the current South Kordofan Conflict between the Army of Sudan and the Sudan People's Liberation Movement (SPLM). The SPLM, a northern branch of the Sudan People's Liberation Army/Movement in the south, and the Army of Sudan are fighting in order to gain control of the oil-rich region of Abyei in the south of Sudan, bordering South Sudan.

    2. Again, we come back to oil. As stated above, the scarcity of oil is increasing, and so the race to find new energy sources, preferably ones of a renewable nature, begins. There are numerous estimations regarding the year in which oil will run out, but most agree that this is in the foreseeable future, so it is crucial that new energy sources are optimized for widespread usage and set to replace oil as soon as possible.

    3. In the words of Benjamin Franklin: "For every minute spent in organizing, an hour is earned". This quote perfectly represents the struggle of man against time and in order to gain time, one must work efficiently. In economic terms, everyone has a limited supply of time in a day, week, month etc. The demand of said time is high and so the time becomes scarce. Thus, in order to use one's scarce time as economically as possible, one must use tools such as multitasking in order to free up the rest of your day. For example, if you have three pieces of homework due for the next day, but you have soccer practice after school, you have to use your time accordingly to be able to complete all your tasks and be able to go to practice. This would be accomplished by doing homework on the way to and from school, working in free periods and break. This would not only lead to all the tasks being completed, but the time one would need to do homework during practice to be free. In the life of a high school student, an economic way of thinking is imperative in order to secure success in one's work.

  28. Mats Rickeon 21 Aug 2011 at 5:13 pm

    1. One example for conflicts in the past caused by scarcity is the war for colonies all over the world. Western countries colonized areas to get access to resources. An examples is the colonization of areas in Middle- and South America through Pizarro which caused a huge conflict between him and the natives. Another example that occured about three centuries later is the colonization of the Congo by King Leopold who later used rubber for the car industry. Through Industrialization the supply was narrow and the demand was high, so europeans colonized the world and went into wars.

    2. Better definend property rights would solve the problem of polluted air and water. If people living near a factory had a right for clean air and water, or the factory had the right to pollute, then either the factory could pay those affected by the pollution or the people could pay the factory not to pollute.

    3. Because time is scarce, we try to save time everywhere we can. So every descision we make to save time are economic descisions. We start to think about how we can increase our free time in the most efficient way. For example: If I have homework to do, I try to do them in the fastest and most efficient way to save time. Therefore I try to find the coolest place in the house on very hot days (like it's the case right now) to think more clearly and efficient.

  29. Lukason 22 Aug 2011 at 10:22 am

    1. The phenomena of "blood diamonds" and "dirty gold" in Africa arise from the scarcity of gold and diamonds. Local warlords use child slavery to mine and proceed to fight over the valuable and scarce resources of the earth. Their operations are funded by the sale of these goods- if they were not scarce, prices for them would be too low to continue funding the operations.

    2. Energy is a scarce resource. The production of most energy in the U.S. comes from coal, which contributes to air pollution. Incentives to move towards "clean" energy could help reduce this use of coal.

    3. Time should be invested in things that contribute to your social, mental, physical, and economic health, and not engaged in activities that do not contribute to one of the above.

  30. Megon 22 Aug 2011 at 2:37 pm

    1. Conflict over scarce resources is what drives the civil violence and instability in the country of D.R. Congo today. Historically, the country has been marked by violence over its wealth of scarce natural resources including wild rubber, diamonds, and gold. As different groups compete over access to these scarce resources, the conflict has caused civil war and devastation in the country.

    2. I agree with Mats that the solution to environmental problems such as pollution might be solved by better defined rights. Currently, the detrimental effects of pollution occur on the environment. If pollution involved legal or financial requirements in compensation, maybe people would be more aware of it and more likely to pollute less.

  31. Beni B.on 22 Aug 2011 at 3:34 pm

    1. In 2003 the Bush administration said they started invasion of Iraq to bring democracy to the country and because of the possibility of Weapons of Mass Destruction being held in Iraq. Today many people think though that the main motivation for the Bush administration to invade Iraq was to get control over the vast amounts of oil in Iraq. Oil is very scarce because it is quite limited and used so much in our everyday life, from the production of plastic bags to the fueling of our cars. If the theory is true that the invasion was actually taking place to get hold of the oil resources in Iraq, than this is just another example that shows that such scare resources as oil can lead to terrible wars and conflicts.

    2. Land is also a scarce resource. Because much of the garbage generated by companies can't be recycled it has to be stored somewhere, which therefor takes up land. Because land is quite a scarce resource and is therefor also relatively expensive, many companies find other ways of getting rid of their garbage such as dumping it into rivers and lakes. This method of garbage treatment is illegal or limited by law in many Western countries. Sadly this method though is still taking practice in many places of the world which leads to the pollution of the water bodies in many places.

    3. The time we have every day is limited and also very useful and therefor also a scarce resource. Each day we have to make decisions how we would like to use our time – do we want to play a game, do our homework, go to the gym, meet friends, and many other possibilities. For each decision we take we have to give up something else which is therefor an "Opportunity Cost". Those decisions can be therefor considered economic decisions because we must compare how much we want or need to do something.

  32. Annalea Maureron 22 Aug 2011 at 5:21 pm

    1. The War in Iraq was launched by George W. Bush in 2003 to allegedly increase national security in response to the possibility of Iraq holding weapons of mass destruction. However, his real intention was revealed, and this was to gain oil. The amount of oil located in the Middle East is one of the most in the world and is therefore greatly desired by Western countries. Oil is an extremely sought after and unfortunately scarce resource as it is in such high demand all over the world, causing years upon years of endless conflict. Not only is this a historical example, but it is also a modern day example as the wants and needs for it have only increased. The United States and the Middle East must balance their ideologies in order for everybody’s wants to be satisfied, however it is clear that that is very unlikely to happen.

    2. Unfortunately, trees, features of nature that most see every day, are becoming extremely scarce. This is due to mass deforestation all over the world. Industrialization brought along new technologies, new machinery, new products, and therefore increased the wants and desires for these products. However, in order to fulfill the demands of a modern society, resources must be extracted and utilized, and several of these resources, such as wood, come from forests. Additionally, forests produce and regenerate oxygen which is essential for human survival. The Amazon Rainforest produces approximately 20% of the world’s Oxygen. Obviously, the demand for oxygen is and will always be high, however the amounts of trees are decreasing rapidly (1.5 acres of rainforest lost every second in the Amazon), and causing the scarcity level to rise more and more as time goes on.

    3. Time is scarce. There are only 24 hours a day, approximately 8 or 9 of which are spent sleeping, and 7 of which are spent at school. That leaves 8 to 9 hours per day to balance homework, studies, free time, dinner, etc. Time is a fixed resource; it is up to the person to find a balance between their wants and desires out of their day and the things they must do. The basic decision is “what to do with this limited resource.” I try to finish all of my work when I get home, which (usually) results in an evening that I am free to enjoy. We make economic decisions every day in order to make the best out of our scarce resource, time.

  33. Janak Mortieron 22 Aug 2011 at 6:04 pm

    1. I think that in both the past and the present, land has been scarce. People constantly want more property, either for residential or commercial buildings, for factories or farms, or for transportation. There has been a lot of conflict over the issue of owning land. Multiple wars have been fought because of countries trying to expand themselves. For example, Adolf Hitler's idea of 'Lebensraum' (living space) for Germany which involved Germany trying to invade countries to the east (Poland, Russia, etc.)

    2. Fossil fuels are one type of environmental problem which is scarce. Fossil fuels are processed naturally but take millions of years to be created. Unfortunately, they have become scarce over time as there is a high demand for them. We use them in our daily lives to run vehicles and power plants. We burn them to produce heat and then we use that heat to make energy for various things. Unfortunately, not only do we destroy our own environment by burning them, but, since of the high demand, we are running out of them very quickly. Because of the need for fossil fuels, prices have risen. Once we have used up all the fossil fuels, we will have to resort to using something else. Once again, there will be a high demand for them, thus causing prices to rise and more destruction to our earth by retrieving and (probably) burning them.

    3. We only have a limited amount of time each day. Around 8-10 hours of that is taken up by sleep which leaves us about 15 hours left. Of those 15 hours, half of it is taken up by school. That leaves us with 7 hours. We have to decide if we are going to be responsible and finish up our homework or if we want to have fun by chilling with our friends. We also have to take time to look at universities and do some after-school activities for CAS hours. Then we need to eat. That doesn't leave us with much time. Everybody needs to have at least some time to relax and the few hours that we have left are taken up by getting from one place to another (like going home from school). We are required to do our homework (or if you're a teacher then grade tests) and we also like to be social. As you can see, our time is very limited, and usually we don't get to fully enjoy things. Since we want or need more time, but only have a limited supply of it, it is considered an economic problem.

    (Sorry if I have repeated something that someone else said, but I didn't read their's before I wrote mine)

  34. Lukeon 22 Aug 2011 at 8:40 pm

    1. The Romans expanded their empire from Great Britain in the west all the way too Greece and Turkey in the east. they fought with the natives of these countries to gain land and slaves to fuel their expanding empire, ie building temples, cities, schools etc.

    2. Global warming is the obvious example here. in brazil the Amazonian rainforest is being cut down and cleared to provide land for agriculture and for housing. the trees normally absorb the CO2 emissions in the atmosphere, but with the lack of trees as a product of this action has caused Co2 to not be absorbed and therefore it is reflecting the suns rays back towards earth and therefore causing the planet to heat up. in this example the scarce resource is land.

    3. Time is a finite resource. there is only 24 hours in a day and with fixed decisions that i have no choice as to whether i do them or not, i find myself with even less than 24 hours in a with which to ration my time. these necessities include eating, sleeping and going to school, all of which takes up the best part of 18 hours of my days more or less. that leaves me with 6 hours free to ration out amongst my hobbies and other activities, and my choice as to which activities i spend this time doing can directly impact me later on, because i will have experienced an opportunity cost. this is similar to an economic decision, because there is a scarcity of time of which i can choose how i spend it, which is similar to how a government is limited to how much money it spends on improving the countries infracstructure. the scarcity of time makes decisions on how to spend the time that is available much more important.

  35. Philipp Ebleon 22 Aug 2011 at 8:50 pm

    1)In the Congo, scarcity has lead to many conflicts not just in the past but also in the present. Throughout History, the Congo has been extremely rich in natural resources, such as diamonds, coltan( used for mobile phones)etc. Since these resources are very rare and highly demanded by companies all over the world, this business could be a great benefit for the Congolese Economy. However, due to the ongoing corruption, the Congo is facing a major conflict.

    2) Energy is a extremely scarce resource, which is highly demanded all over the globe. However, a lot of the energy is produced in coal factories, despite environmental consequences. The relation to Economics is that many enegergy companies aren't willing to invest in environmental friendly ways to gain energy, because of the high costs.

    3) During a school day, time is very scarce. Once you leave school at 3:50 you usually only have a very limited amount of hours left, to be involved in non-academic activities, finish all the homework , eat dinner and socialize with you friends. Depending on your priorities, you need to make economic decision on how to manage to do all those things, as there is no way to regain time, once you have spent it.

  36. Emma S.on 22 Aug 2011 at 8:52 pm

    1. The currently ongoing conflict between Israel and the Palestinians is to a great extent due to the monopoly that Israel has over the largest source of drinkable water in the Middle East; water is already a scarce resource, but in the arid lands of the Middle East, it is even less uncommon. Not only is the conflict due to the scarcity of water, but also because of the oil. Although Israel does not have much oil compared to Iran and Iraq, there used to be pipelines running through the land that now belongs to Israel; however, these were then redirected in protest against the Israelis, as well as to protect their oil from damage by the Israelis.

    2. An environmental problem today is water, considering how little drinkable water there is on the planet. Approximately 97% of the world's water is salt water, and therefore undrinkable; the other three percent represents the amount of drinkable water there is on earth. However, only 1% of that water is actually available to us today, as the other two make up the ice on the south and north pole, as well as any other glacier. If we then consider the rapidly expanding population (the estimated population in 2050 is a little over 9 billion people), it is clear that water is a scarce resource. Adding to the massive population, there is also the amount of water that humans consume, use and pollute for uses other than drinking. Although water is indeed a renewable resource, it is a scarce one that will not last indefinitely – it is already scarce in the countries that do not have the infrastructure to import water from other places, such as countries in Africa, as well as several others.

  37. Julian Kainzon 22 Aug 2011 at 9:45 pm

    1) At first thought, one could argue that the discovery of a scarce resource in a LEDC would perhaps give governments the sufficient funds to fight and minimize poverty. History, however, has proven otherwise and over the years it has been practically confirmed that the finding of a scarce commodity in an LEDC has in fact further stretched inequality within the nation as well as increased the chance of civil war. A good example of a conflict which arose as a result of a scarce resource is the civil war in Nigeria which broke out upon the finding of vast oil reserves throughout the Niger delta.

    2) I agree with Annalea. The first environmental problem relating scarcity which comes to my mind is deforestation. Each year roughly 13million hectares of forest and rainforest are being cut down to make room for more land that can be used for building as well as arable land for growing crops. Both land for building and growing crops are known to be scarce.

    3) Since time is limited to 24 hours each day, it is in our hands to make decisions about allocating certain amounts of time to different activities and undertakings.

    The budgeting of time is therefore in theory similar (if not the same) as economic decisions made towards the distribution of physical, concrete goods.

  38. Ignacioon 22 Aug 2011 at 10:02 pm

    1) The war in Afghanistan and Irak during George Bush's presedency in the U.S was mainly caused as a way to obtain the scarce resource that is oil from these countries which obtained vast amounts.

    2) Energy is a scarce resource which is used and required by the whole world. This energy is obtained by exploiting natural resources such as coal which are not very costly however, coal pollutes greatly. This resource could be avoided by using green renewable energy but due to the fact that it is more costly energy companies avoid them and continue to exhaust earths resources increasing pollution levels worldwide.

    3) Time is money, and how you wish to spend that time is an economic decision. You could use your four years after school to start working and earn money as opposed to earning it at a factory or at another bussines, but instead a lot of people choose to go to college because even though during those four years they wont be earning money there chances of obtaining higher salaries after college have increased exponentially.

  39. Sofia Scheuermannon 23 Aug 2011 at 7:32 pm

    1.The waters around Somalia are being left completely empty due to mass fishing by the Japanese, Chinese, Europeans and other large consumer countries. The Somali fishermen therefore have no chance catching anything if they have to compete with these large fishing vessels that throw out kilometer long nets that sweep up any living creature in the water. This results in the Somali fishermen earning close to nothing and consequently decide to become pirates instead, which pays a lot more. As a result, the scarcity of fish close to Somalia causes piracy in the Indian ocean.

    2.Deforestation in South America is caused by the scarcity of food. Since food is scarce and there are nearly 7 billion mouths to be fed on earth forests are being cut down to create crops.

  40. Constantineon 23 Aug 2011 at 9:03 pm

    1. One present problem of scarcity today are the blood diamonds, in Western Africa. Since diamonds are a very scarce resource there is a very big conflict between other human beings.

    2. One very big problem today is the increasing consumption of meat. More and more people from the third world are starting to eat meat. However the meat available on our planet is not interminable. As more and more people eat meat, the more the product becomes scarce. The same goes for fertile lands. However, if there is a continual increase in meat consumption, it will be difficult for the world to satisfy the whole world's carnivore food needs.

    3. The decisions you make regarding your limited time in and out of school reflect upon your grades. You may take the option to not listen to the teacher, but then during your free periods you will be working twice as hard and often confused.

  41. tayloron 24 Aug 2011 at 6:18 pm

    1) There were many causes of the French Revolution (1789-1799), and among them food scarcity in the years immediately prier to the revolution was a cause. Different crop failures in the 1780's caused these shortages of bread which made the prices rise. Because of crop failures, countryside residents then moved to the city of Paris for better conditions.

    2)One environmental problem is oil, which is used in most things we use in society. Because everybody needs it, oil is becoming scarce item.

    3)After school, if we choose to hang out with friends or play video games instead of study, it has an affect on future economic decisions. Time is money, and investing in an education will end up helping you. If you decide to put the money towards a better education, you will end up gaining it all back with getting a good job.

  42. Michelaon 24 Aug 2011 at 6:47 pm

    3. The choices I make involvingtime management could be concidered economic decisions because I use a scarce resource, time, to my advantage. By avoiding social networking site, games and other distractions I don’t waste time on unecessary things and can concentrate on more important things.

    3.Time is one of the scarcest resources. Explain how the decisions you make regarding your limited time in and out of school can be considered economic decisions.

    The decisions i make involving time administration can be considered Economic decisions because in school i have limited time (scarce time) to use to my own benefit. In other words if i manage my time better making sure i am not being distracted by other things than just my studies i will be able to profit much more from my scarce time.

  43. Vivion 24 Aug 2011 at 7:17 pm

    1) the reason why the war is being conducted in the Middle East is because of the scarcity of oil.

    2) there is a scarcity of trees, which is used for wood (manufacturing), breathing, and paper. But many forests are being burned and trees are being cut down to create land area to build buildings and extend cities in order to keep up with the rapid growth of the worlds population.

    3) The decisions you make regarding your limited time in and out of school depends on your grades and what you want to achieve in the future. Most people decide to go to college after high school, even though they will need to spend for time studying and even pay for their education, they know that in return they will earn a diploma which then will maximize their return benefit.

  44. Raphaelon 24 Aug 2011 at 7:50 pm

    1. In the French revolution the scarcity was the bread, which lead to the revolution. The poor people did not get any food, whilst the king and his friends had huge meals together. This lead to the fall of the king.

    2. Due to the high rise of the population the land is getting scarce and cost much more than it used to be. We cut down whole forest to find more places to live and make companies.

    3. When I do my school work, I need to do a decision to do it right the first time or just be lazy and not due it, I don’t do it right then it means I don’t have any free time later.

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