Question

So far in this course, we have learned about and discussed the concept of scarcity - the idea that there are unlimited wants and limited resources to meet those wants. We traditionally relate this concept to business decisions, but it really has effects that are more far-reaching than most realize. The scenario in this question highlights issues of scarcity that, unfortunately, some households must make.

You are the head of the household – a single parent with three children. Your minimum caloric requirement is 1,500 calories a day – anything less and you will soon starve to death and will not be able to provide any nourishment for your children. Each child requires a minimum of 1,000 calories per day to avoid starvation. Working full-time allows you to provide 3,900 calories per day to your family. This is the best you can do and there is no government or other assistance available. Setting aside emotions, which of the following choices is the best economic decision? Please note that there is no singular correct answer. However, be sure to defend your answer utilizing the concepts, definitions, theories, and knowledge learned in this course thus far. I want you to use the terminology you have learned to explain and expound upon your thinking to reach an answer to this question. Also, which might be the best purely economic decision, and does it differ from your own decision?  

Consume my necessary 1,500 calories and divide the remaining 2,400 calories equally among the three children (800 calories each).

Cut back on my calorie consumption to 900 calories and ensure that the minimum needs of my children are met.

Starve the third child and provide 1,200 calories to each of the remaining children, ensuring not just their survival but a greater likelihood of growth and development. I still consume the remaining 1,500 calories.

Answer 1

Answer : Working full day will make 3900 calories per day . Out of which his minimum consumption would be 1500 calories . If he would be healthy then only he will be able to work. Then balance left would be 2400 calories that would be equally distributed among 3 children that will be 800 calories per day for each child and the children who is weak should be provided more calories by cutting off calories of healthy child. If he would be able to sustain at less calories then surplus could be allocated among three children according to priority. This is called as allocation of scarce resources.

Allocation of limited resources should always be done according to priority which can be pure economical decision.

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