Group items tagged

The Minister of Education, Mr. David Laws, wants to reduce the national expenditure on school uniform. He believes that the inflated price of school uniform up to 52 million pounds per year is excessive. The schools in the UK have to reduce the opportunity cost of demanding overly priced uniform. This practice must be stopped. In implementing this policy, British families would be able to save 52 million pounds in one year, which is a sizeable proportion of many poor families budgets. In many lower income families in this period of recession, families who are depending on food banks will benefit from this opportunity cost of spending on uniform as they have a scarce budget. This will help them to shift their household expenditures to more essential items such as food. The opportunity cost of them budgeting a significant percentage of their limited income to an inelastic demand for uniforms may create problems of great scarcity to families with many school-going children. The guideline by the minister stated that the uniform must be purchase from the cheaper suppliers, which will reduce the opportunity costs. This will mean savings for the parents. The question is how do these new policies going to be effectively worked out because some rich parents with no scarcity problems will insist or prefer their children to wear higher quality and more expensive uniforms, some even tailoring them.

This relates to scarcity. It talks about how the demand of water will probably grow larger within a few years and how the supply of water is scarce at the moment.

This is my week's article regarding the domestic Ukrainian steel scarcity. 

The following article talks about the riots that have been occurring in Venezuela throughout the past few months. It discusses how protesters are angry at the government for rising unemployment and the scarcity of basic items and other commodities. It talks about how already 25 people have died during the riots, according to the government.

This article is a very good example of how the idea of scarcity exists within Chinese banks.

This article talks about scarcity of different commodities and the impact this has on their prices.

"Collective community-based rights could put the world's fisheries on a sustainable footing after decades of over-exploitation, an expert suggests."

The following article talks about how 2 local environmental activists Zé Cláudio Ribeiro and his wife Maria do Espirito Santo were shot outside their house by illegal loggers who were upset with them protecting the rainforest. On the same day that they were killed Brazil passed a new law making it easier for loggers, cattle farmers etc. to cut down parts of the rainforest reducing Brazil's Commons.

This is my article for this week. It connects to one of this week's key concept of Economics, Opportunity Cost. The concept of opportunity cost are reflected in the choice companies makes in relation to technology. For my full write-up, please go to: https://pamojaeducation-com.campuspack.eu/Groups/13.Y2.ST.ODP.MAY.ECON.SL.A/Nattanopthorns_Economics_Blog/2013/09/2-4_-_ScarcityOpportunity_Cost - Bee

Car prices in Venezuela are expensive so the government put a price ceiling it.

Smoking is a negative externality. Children who have exposure especially to relatives who smoke will have a greater chance of childhood asthma. The smoking ban is very healthful, as it has caused a decrease in the rate of children emitted to the hospital with severe asthma. The ban on smoking in the enclosed public places has helped the children to have less health problems. The government benefits because it reduces government expenditure in the NHS, which is a public good. The statistics reflect the decrease in admission of about 6800 is a positive benefit to the public especially the young children.

A negative externality hits the society as smokers affect children giving them asthma, according to this article. This effect does not affect the cigarette companies, however, but smoking restrictions came into force in attempts of decreasing the damage it does to society.

This article "Opening the flood gates" illustrates the opportunity cost in building a dam on the yangzi river. The yangzi river contains a rare fish reserve as well as farmers reaping good harvest, the dam on the river will affect the good harvest from the farmers as well threaten several endangered species.

my article

hort supply of the latest Apple iPhone has left mobile networks "frustrated" and "concerned", the BBC has learned.

The following article states how Tesla, which is an electric car company, worries about the supply for their lithium ion batteries. Their supplier Samsung is not able to keep up the supply of batteries so they are looking for methods of increasing battery production together. Therefore although demand for batteries increased, the supplier Samsung was not able to keep up with the rising demand for batteries.

Poverty rates, inflation, unemployment, food scarcity, and social unrest are on the rise and the government is not only failing to combat it but in some cases is contributing to it, the Egyptian Centre for Economic and Social Rights argues in a report.