Question

Every decision that we make involves scarcity. Consider the following examples and identify the key resource and whether it is more or less scarce. a. The U.S. developed fracking technique that made it easier to drill for oil. b. Referring to available housing, Franklin County has witnessed declining population. c. In India, population is rising significantly, while the yield for rice crops is in decline. d. Jefferson County is monitoring the public utility needs of each citizen and they found that electricity output is near capacity. e. Traffic in Atlanta is always busy where people are stuck in traffic for hours. f. Data storage for Kerry's cell phone is at 10% capacity.

Answer 1

   Key Resource scarcity level.

a)    Oil    -    More Scarce

b)    Housing/House Infrastructure - More Scarce in relation to population.

c) Rice yield/Productivity    - More Scarce in relation to population.

d) Electricity Output    -    Less Scarce.

e) Vehicle/Transport -    Less Scarce. (key resource is vehicle here as traffic happens due to large number of vehicles on road)

f)    Cell Phone/Gadgets    - Less Scarce