Economics HL - Jacob Solomon's group - Year 1

This article outlines how dependent energy sources are on water. The wants and needs for water resources are increasing worldwide, and this could become a problem to power plants, hydroelectric facilities, and other major sources of global water supply.

Aha! Scarcity of water supply, and it's a need. It is really important for us, human beings to know the importance of preserving the environment!

This video talks about how after the economic crisis a company located in England called BAE, the world's second largest military defense company who employs more than 40,000 people, talks about opportunity cost because of the resent cut backs in their contract. It talks about how England is trying to become more reliant on industry instead of finance. Lastly, it talks about the companies cuts from the government and job security because local governments have cut their spending with BAE, they are spending their money to invest into their own economy. Finally, I think it relates to scarcity because money itself is scare and government have to decide how to spend it efficiently.

It is clearly stated at about the first line that China is facing pressure to increase prices, Because of scarcity of sources the prices are going up even though it is only the short term and the long term remain positive, it is still something we need to think about. Countries such as Japan has less resources therefore all of their resources are imported, thats why the price in Japan is so high. the article says that China should prevent the rapid growth in order to not having another economic crisis.

This article demonstrates opportunity cost because it shows that eating healthy food costs less but most people prefer not to because of the inconvenience of cooking it.

This is a really neat way of looking at opportunity cost! It not only shows the opportunity cost of specific products, but how we as humans determine what's important, or what's the most important.

Now for Somalian citizens who are faced with a compulsory pattern of living with famine, scarcity can be thought as not invited but already a citizen, despite the environmental constraints of hydro climatically-induced water scarcity and the considerable fluctuations which characterize the natural freshwater supply supposed to exist; a water-stress routine is now an impact on the responsibility of improved water supply for self-sufficient crop production (resulting in lack of food and crop production) as well as the number of these Somalian individuals desperately depending on any flow unit of water available to them from the water cycle. Sadly as stated it is not of a short term crisis but if seen in a medium-term-perspective, water may not be readily available to support improved life quality for this growing African population, so the economy therefore is faced with a great deal of scarcity without knowing what to do about it.

As world worries grow about a crash in the system, this article looks at some of the current issues involving the depletion of food in North America. We have already seen the severe consequences of scarcity (in terms of food) in Eastern Africa with the current famine. Certain steps will need to be taken to make sure that the same this doesn't happen in North America

The Government of Canada is currently spending lots of money sustaining and improving Canada's universities (and creating more scholarships to help students pay for school) - this demonstrates oppurtunity cost because funding and creating more scholarships, stimulates competition between students, thus raising the level of achievement, thus the universities output more valuable students...

This article adresses the issue regarding freshwater. We do not have an immediate shortage of water, but many countries do not have access to clean freshwater, and the countries that do are wasting it... By misusing water we are not only harming the environment, but we are also putting the future generations at risk of sever shortages.

This article demonstrates opportunity cost because a rise in government revenues may lead to a shortfall in private sector investment.

This article demonstrates opportunity cost by saying that by selling short term treasuries, which will lower their price, and buying long term treasuries, which will raise their price, there will be benefits for banks with mortgages on their balance sheets.