Ethics
1 – If all resources were free (didn’t cost a penny) and unlimited, what do you think would happen? For example, how would society deal with this? I wonder if it would change who we are? If society knew they could get anything at any time, would they still feel the need to get up each morning and be productive? Work? Help others? There are needs that exist outside of just getting what you ‘want’.
Also… what do you think the government would do in this situation? Would they feel the need to get involved and find a way to regulate who can get the resources or would they feel it best not to get involved at all.
Even though it initially sounds like a great thing to have, unlimited resources might not be a good thing for us.
2- “Economics is the social science concerned with the problem of using scarce resources to attain the maximum fulfillment of society’s unlimited wants. Economics is concerned with “doing the best with what we have. Economics is thus the social science that examines efficiency – the best use of scarce resources.” (pg 24)
In relation to using resources efficiently, discuss the difference between full employment and full production. When talking about full production, include a discussion of productive efficiency and allocative efficiency.
Reference:
McConnell, C., & Brue, S. (2005). Economics: Principles, problems and policies (16th ed.).
New York, NY: McGraw-Hill.
3-When we discuss the goods and services that are produced, it got me thinking about something. Could you have a difference between ‘available resources’ and ‘goods and services most wanted’ by society? Or do you think that having available resources is going to drive what products are mass produced and in turn what society wants?
Reference:
McConnell, C., & Brue, S. (2005). Economics: Principles, problems and policies (16th ed.). New York, NY: McGraw-Hill.
4– When we discuss the goods and services that are produced, it got me thinking about something. Could you have a difference between ‘available resources’ and ‘goods and services most wanted’ by society? Or do you think that having available resources is going to drive what products are mass produced and in turn what society wants?
Reference:
McConnell, C., & Brue, S. (2005). Economics: Principles, problems and policies (16th ed.). New York, NY: McGraw-Hill.
