Please define the economizing problem. Why human needs and wants are unlimited and why resources are limited? The minimum length of the Journal Reflection post is 500 words.
Recommended source:
– Schiller, Bradley. Economics. Core Issues. In “The Global Economy in the 21st Century”, McGraw-Hill. 2015, pp. 2-29.
Please watch those videos. What you think?
Scarcity (2:54 min):
https://www.youtube.com/watch?v=OS_9A_EA30M
Are We Running Out of Resources? (4:07 min):
https://www.youtube.com/watch?v=AcWkN4ngR2Y
Think about three major economic systems. Most countries are mixed economies. What you think about the government regulation: should it be increased at the time of increasing scarcity of resources and a growing population or decrease:
Types of Economic Systems (11:56 min):
https://www.youtube.com/watch?v=rQz5q42nmL4&feature=youtu.be
Economic Systems (14:41 min):
https://www.youtube.com/watch?v=tiWzapNWo4o&feature=youtu.be
Economic Systems (13:44 min):