Resnponding to classmate post on “Scarcity”
1. Give an example of how “scarcity” plays a role in your daily life and decision making. What are the opportunities forgone as a result of the choices made? Scarcity plays a big role in my daily life and decision making. The item that is scarce is money. The lack of money means not being able to have all of most of things that I desire. For example, a family vacation and larger home.
2. In your work places what examples of tradeoffs do you see on a daily basis? The tradeoffs that I observe on a daily basis is companies hire, tolerate and keep bad employees who cause trouble and whose work is not that great because they don’t want to pay reasonable salaries and they constantly lose good employees because they don’t stay because of the environment. Instead of changing management to change the environment, the cycle goes on and doesn’t stop. Their only concern is profit and not anything else. What are the dominant factors of production that are seen in your places of employment? The dominant factors of production that I see in my place of employment is a high volume of work and lots of clients it’s like a sweat shop because you work very hard.
3. In thinking about how you make choices as individuals, what influences your economic decision making? How do you come to decisions in terms of consumption and how you use your resources? What influences my economics decisions is what I have now and what I am looking forward to gaining in the near future. From experience I know how much and what we use in our home. However, as I am writing this I realize that I have made bad choices because I would probably do a lot better buying larger items at bargain prices, which of course involve traveling further, instead of shopping in the neighborhood which is more expensive.
4. In our society who dictates What is Produced? Consumers or Producers? Please cite specific examples here in developing your thoughts on this topic. In our society consumers are the one that determine what is produced because products are being tracked when they are purchased it is profitable to continue to create things that more people buy instead of things that they don’t. In fact, I notice when I go to the store there are a variety of things that I buy and I know this may seem a little nuts but I am sure that I am being tracked because when I go online and search for certain things, certain brands, etc. all of sudden I find these things in the stores, in fact there are two I regularly shop at and I have those little store cards that I use for points and discounts and apparently tracking. All of a sudden items that I have never seen are there, and this has happened a lot. The stores continue to stock things that people buy and discontinue things that people don’t buy a lot of, which I don’t like, because I am one of those few people who buy things that they discontinue and when I ask about them I am told that enough people don’t buy them. In fact, I can recall one store I use to go to and buy a certain product they discontinued and I complained and they brought it back for a short time but discontinued it again.