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Ronald P

Ukraine tells Russian Invasion means War - 1 views

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    Although this is a rather tenuous link to Scarcity and Opportunity Cost, we can see the scale in which Economics affects our world. The Scarcity is the amount of soldiers, money and time, whilst the opportunity cost is the next best alternative foregone, which in this case if Russia decide not to invade Ukraine, is a War between former Soviet Countries.
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    Hi Ronald I agree its a rather tenuous link and maybe a more closely related article may have supported these economic concepts easier however you did manage to make some poignant links. Good job
Izuru M

Why Russia Is Unlikely To Use Natural Gas As A Weapon In Ukraine Crisis - 3 views

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    This is a great example of both scarcity and opportunity cost, since the decision Russia is going to have to make is depending on the scarcity of money that is going to increase if they use natural gas as a threatening weapon towards the countries in Europe. The opportunity cost of Russia choosing to keep trading natural gas for money, is not being able to threat European countries using natural gas.
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    Hi Izuru Very relevant article. Good work
Ronald P

Commodity Prices: Why Technology and the Price Mechanism will Prove the Scarcity Pessimists Wrong - 1 views

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    Many scarcity pessimists believe that the world will result in famine and war due to the problem of overpopulation. This article however highlights that the Price Mechanism has worked time and time again to effectively resolve this problem. When the price mechanism is allowed to work, consumption regulates itself and technology provides us with substitutes. The price mechanism is of the utmost importance as it helps allocate scarce resources. It allows for the most efficient use of resources on our planet
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    I like the summary of the article. Well selected. Please try to use some of the bookmarking tools like highlighting key aspects of the article.
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