Question

Our text states, "It is important to keep in mind that it is not the price system that is “unfair” if one cannot afford to pay the market price for a good; rather, it is unfair that we live in a world of scarcity". Do you agree or disagree with this statement? Give reasons to support your position

Answer 1

The given statement which says that the perice is not unfair but system what is unfair is that we live en a would of scarcity" is tatally my opinion. As we correct in ean say that in as a whole, there are not enough the economy scauce resowieds to meet all the wants that people have in then, to what we have to do is we have chouse which meants alle met and which are not met. An assention of economics is that scarcity, and the lresulting necessity to chouse between different uses of productive elesannces, applies everywheue in economy and cannot be avoided Producing any economic good on seawice means that the beauce Vesources that are used to create it cannot be used to produce other goods all services. f thase athen goods al seuvides had been produced, they would have generated benefits to those who coksumed them. Also, we can say that due to scanity of resources the price of the goods call seem likes produced tends to euisp and hence due to unequal income distuillution system only some people can buy them. That is the biggest reason enny de puice system is blarrted and often called unfaiid by the people. This problem could duly be solved by reducing our mants which are endless, using aun scance ensaueces misely and with the fame income distui lution System. Please like my ansueue.