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Economics research task

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Tom Farlow

on 27 February 2015

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Transcript of Economics research task

Relative scarcity means that we do not have enough resources to satisfy all of our needs and wants.

Its impossible to satisfy our many wants. Even if we were able to satisfy all of our current wants, we would think of new things we would like to have. For example an iPad's, Phones, Computers etc. Producers are always aware of this and are smart, producing new goods and services to help create a new want for someone.
Relative Scarcity
Economics research task
Scarcity is the base unit of economics. If people didn't think of things that they want, then there would be no scarcity or reason to produce products people desire. Anything that is not a free good (air, water, dirt etc...) is considered as relatively scarce. Diamonds would be calssified as a relatively scarce but you can get them if you want them, they would just cost a lot for who ever is buying.
What is the concept of 'Relative Scarcity'
The four main scarce resources are:

1.)Land and natural resources (e.g. forests, minerals, water, etc.)

2.)Capital resources (e.g. machinery, robotics, trucks, etc.)

3.)Labour resources (e.g. workers such teachers, managers, etc.)

4.)Entrepreneurial resources (e.g. Rupert Murdock, Bill Gates, etc.)
4 Scarce Resources
A need is something you have to have, an item that you cannor live without. An example of this can be food. If you don't eat, you won't survive for long. In some cases, many people have gone several days without eating, but they eventually eat a lot of food. You might not need a whole lot of food, but eventually, you will need to eat.

A want is something you would like to have. It is not something you cant live without, but it would be a good thing to have. An example of this can be music. Now, some people might argue that music is a need because they think they can't live without it. But you don't need music to survive. You do need to eat.

Difference between a need and a want.
An example of something need would be water. Everyone needs to be able to drink water to survive. Another need would be food. Food is also a very important source to have in order to be able to survive.
2 examples of a need.
Theres many things in this world which some people want. Ice cream is a want. You don't really need to eat ice cream to survive. Another example of want is Video Games. Yeah sure, people like to play there favourite computer game when they can, but its something you NEED.
2 examples of a want.
By Thomas Farlow 11D
Australia's top 10 exports are:

Iron Ore,
Education - Related Travel
Personal Travel,
Crude Petroleum,
Natural Gas,
Aluminum Ores,
Copper Ores,
Top 10 Imports
1. Electronic equipment: $9.7 billion
2. Machines, engines, pumps: $9.1 billion
3. Furniture, lighting, signs: $2.8 billion
4. Iron or steel products: $2.2 billion
5. Clothing (not knit or crochet): $2.2 billion
6. Knit or crochet clothing: $2.1 billion
7. Toys, games: $1.7 billion
8. Plastics: $1.7 billion
9. Footwear: $1 billion
10. Vehicles: $961.6 million
Level of economic freedom
Australia’s economic freedom score is 81.4, making its economy the 4th freest in 2015. Its overall score is 0.6 point which is lower than last year, with gained figures in monetary freedom and labor freedom outweighed by declines in investment freedom, freedom from corruption, and the control of government spending. Australia is ranked 4th out of 42 countries in the Asia–Pacific region.
What is the law of Demand?
The law of Demans is a microeconomic law that states, all other factors being equal, as the cost of a good increases, consumer demand for the good or service will decrease. It states that other factors being constant (cetris peribus), price and quantity of any good and service are related to each other. When the price of an item increases, the demand for the same product will fall, due to how expensive it is.
What is the law of Supply?
The law of supply is a fundamental principle of economic theory which states that, all else equal, an increase in price can then result in an increase in quantity supplied by the owner. In other words, there is a relationship between price and quantity: quantities respond in the same direction as price changes. The law of supply is one of the most fundamental concepts in used in Economics. It works with the law of demand to produce how market economies find resources and determine the cost of goods and services.
The law of demand states that, ''other things remaining same, the quantity demanded of a good increases when its price falls and vice-versa''. The demand for goods changes as a consequence of changes in income, tastes etc. Hence, demand might expand or contract and increase or decrease. In this context. While stating the law of demand i.e., while saying price as the causative factor, the common terms are Expansion and Contraction in demand (which means movement along the curve of demand).
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