So my tutor has asked me to blog about scarcity in economics. The definition of scarcity is almost the same as scarce. For instance the statement; there was a scarce amount of medical supplies during world war 2. The definition of scarcity is a small or inadequate supply.
Scarcity in Economics explained.
For Example, I am awaiting a cheque for £5,000. I need to pay my bills (£2,700), I need to pay for my exams (£900). I want a new Mac Laptop (£1,000) & I want to do a music project which consists of a new E.P & music video. (£1,500) that totals up to £6,100. The scarcity is a lack of funds. If I had everything I wanted the concept of Economics would be obsolete. Therefore economics is in place because there are not enough resources in the world for every human & every industry to be happy or healthy. Therefore Economists are put in place to increase resources that are available to mankind through innovation.
This is a you tube video with a economic struggle for water in a African village, here you will find how things suffer when there are inadequate supplies of what mankind need.
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