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Economics

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by

Deepjyot Grover

on 5 March 2013

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Transcript of Economics

By: Deepjyot Grover Minds On Economics! Something that is necessary to sustain life. Needs Wants that are not essential to sustain life, it is something you desire for. Wants Unlimited wants and needs, and limited resources. Scarcity An incentive is something that motivates an individual to perform an action. Incentives 3 Types of Resources:

1) Natural
2) Capital
3) Human Resources Costs Food Water Gaming Consoles Brand Name Accessories Fuel Land Choices Symbolizes how the wants and needs of consumers will always outweigh the availability of resources. Work Cited Google Images

"Google Images." Google Images. N.p., n.d. Web. 04 Mar. 2013. Rewards Employment/Monetary Career Long Term Purchases Human Resources Monetary Costs Food is vital for the growth of the human body. In addition, food is also an essential element for survival. Without food, the human body is not able to function properly. Improper intake of food can also result in loss of energy, which indeed impacts us in our daily lives. Also, there are multiple jobs associated with the food industry such as farming and agriculture. To conclude, food is required by the human body in order to survive on a daily basis, without it one will not be able to survive. Similar to food, water is also an essential element for survival and growth of the human body. Without water, the human body loses the fluid portion of its intake resulting in the body not functioning properly. Experts say that one cannot last longer between 3 days without water. All in all, water is a need and an important element of survival for every human being. Owning a gaming console is defiantly a want as we do not need them for survival. We do not need an expensive PS3/XBOX gaming console but it may help us in entertainment and provide us with some sort of relaxation. Gaming consoles are targeted towards the youth as they have plenty of time on their hands as well as it is basically a tool to keep them entertained and provide some sort of pleasure. Owning brand name accessories is defiantly a want as do need them since they aren't essential for survival. We do not need an expensive Gucci Belt but it looks fancy and adds a rich status towards the person's personality. It also helps some satisfy our esteem needs listed under Maslow's Hiearchy of Needs. Consumers often purchase these types of products as it influences a person's personality and helps them satisfy their esteem needs. Fuel represents scarcity because fuel is becoming more scarce each day because the amount of fuel supply is decreasing. Countries are running out of fuel and therefore trying to import more fuel from other countries that have a high percentage of the world's fuel. For example, Pakistan recently had a fuel outage problem in which there wasn't enough fuel available for people trying to get fuel. It soon led to an energy crisis. There was less supply of fuel than the actual demand. Pakistan had to import gas/fuel from other countries such as Iran and others. Hence, fuel is becoming more scarce and countries that have most of the fuel supply are able to sell fuel for a high price and keep their economies stable and wealthy. Land has been turned into a scarce resource as immigrants and residents are moving into overpopulated areas. As the population increases, the amount of land remains the same. In recent years, Toronto has been crowded especially with new condominiums being built. As the population grows, more and more buildings will be built with less space as land continues to remain the same. Companies that sells products/services tend to set a target for the amount of sales made in a year or in a specific time. People work for the reward of money. For example, salesmen are paid through salary and commission. This means that they are paid a regular salary which is usually very low plus they are paid an extra percentage of what they sell. Therefore, the salesmen have an incentive to work harder and provide their company with more sales because they know that if they sell more, they can increase the amount they earn. By doing so, it encourages the employee to continue working hard. Choices are decisions made in life where something is picked over something else. It may involve making a decision for the greater good. Oftentimes people are faced with a choice that can be life altering and one that can set you on a completely new path. Similarly, a career path involves making a decision and choosing what is right.One of the biggest choices a person will make within their lifetime is the choosing of their career pathway. Typically, a person needs to make their career decision in high school as they would need to take the prerequisites required to enter post-secondary schools. Choosing a correct career pathway is extremely important for the individual. Long term investments & purchases such as a phone or a car can impact a person's life in a positive or negative manner based on the decision(s) they make. Before making such decisions you must weigh the pros and cons of each option and alternative. For example, purchasing a new phone on a 3 year commitment. You should check with every possible carrier to see which one is beneficial for you and check the pricing between the carriers. Also, you should compare the pricing of both the plan and phone between the various companies and get a phone and plan that suits your needs. You should also look the features, design, and size of the phone before making a decision. Before committing, an individual should always weigh the pros and cons of each available option and must determine the needs/wants of themselves. Cost is the price someone has to pay when a choice is made over another. Typically involves giving up something for the cost of something. In economics everything has a cost and risks. Whenever something has to do with money decisions, the cost is always involved. This is known as monetary costs. Monetary costs play a big part in decision making and are oftentimes the deciding factor when selecting one choice over another. The costs are measured by what is lost by choosing to make one decision over the other such as opportunity cost and what is adds to your lifestyle. Also, investors use this method when investing in companies. They tend to look at at how much money you will lose as you acquire the good or service you wish to purchase. You must assess the product or service’s monetary value and if the product or service is worth the asking price before making a decision. Human Resource also known as Human Labour which is one of common types of resources in day to day life. Human Resources are found almost everywhere. For example, factories, accounting offices, restaurants, medical clinics, etc. Without human labour, goods and services could not completed and fulfilled. It is the actual skill labour of workers that create the goods and perform the services within the economy. It is due to the hard work and dedication of workers that businesses are able to achieve success and benefit the economy.
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