The United States of America has operations that lead to its prosperous economy the nation is recognized as capitalist for its focus of opportunity. For one scarcity is highly taken in to account when distributing a product. The law of demand extends to the labor force and consumption. The most crucial concepts within the economy of the United States are scarcity, law of demand, and capitalism. Those concepts do and will apply to the way I live by limiting certain resources and making me aware of benefits.
To begin with, capitalism is collectively owned property, labor as an advantage for the community and consumption goes along with need. The United States roll in capitalism offers opportunity rather than fairness. (The Economist 2015) In …show more content…
In the United States scarcity has the role of limiting resources used in production such as in water. In fact, most people drink a few liters a day, but to create food floods of water are required resulting in limiting the availability of water in years to come. (The Economist 2016) In many regions in the United States the water is taken from underground aquifers, which are constantly diminishing. As the population increases within the nation more and more water will become limited. For now water is distributed throughout the nation from distinct areas within the nation. Personally, water scarcity affects my life now because I am conscious of the appropriate use of water. In the future the resource of water will affect the prices and availability. In general scarcity helps the United States economy make decisions of distribution as they have in making water available to different …show more content…
In general consumers tend to demand more at lower prices. The law of demand combined with a raise of minimum wage harming inexperienced workers. (W.W 2013) The employment opportunity will be reduce based on industries or companies having to pay workers a higher wages. For the group of teenagers in a low-income household searching for employment will directly affect their chances of employment. As part of a low-income household and being an inexperienced worker searching for employment will be challenging. In addition, for personal expenses my decision will highly be based on the price since I will have to manage a small income. Indeed, the law of demand depends on the price affecting the quantity demanded. In conclusion the economy of the United States is founded by the strength of its operations as stated in capitalism, scarcity, and law of demand. As capitalism offers its businesses opportunity and citizens benefits based on needs. Scarcity making production aware of limited resources and was of managing the availability. The law of demand depends on the price level of a product influencing the quantity demanded. Overall, the economy of the nation has sustained due to capitalism, scarcity, and law of demand that on a personal level affect
To begin with, capitalism is collectively owned property, labor as an advantage for the community and consumption goes along with need. The United States roll in capitalism offers opportunity rather than fairness. (The Economist 2015) In …show more content…
In the United States scarcity has the role of limiting resources used in production such as in water. In fact, most people drink a few liters a day, but to create food floods of water are required resulting in limiting the availability of water in years to come. (The Economist 2016) In many regions in the United States the water is taken from underground aquifers, which are constantly diminishing. As the population increases within the nation more and more water will become limited. For now water is distributed throughout the nation from distinct areas within the nation. Personally, water scarcity affects my life now because I am conscious of the appropriate use of water. In the future the resource of water will affect the prices and availability. In general scarcity helps the United States economy make decisions of distribution as they have in making water available to different …show more content…
In general consumers tend to demand more at lower prices. The law of demand combined with a raise of minimum wage harming inexperienced workers. (W.W 2013) The employment opportunity will be reduce based on industries or companies having to pay workers a higher wages. For the group of teenagers in a low-income household searching for employment will directly affect their chances of employment. As part of a low-income household and being an inexperienced worker searching for employment will be challenging. In addition, for personal expenses my decision will highly be based on the price since I will have to manage a small income. Indeed, the law of demand depends on the price affecting the quantity demanded. In conclusion the economy of the United States is founded by the strength of its operations as stated in capitalism, scarcity, and law of demand. As capitalism offers its businesses opportunity and citizens benefits based on needs. Scarcity making production aware of limited resources and was of managing the availability. The law of demand depends on the price level of a product influencing the quantity demanded. Overall, the economy of the nation has sustained due to capitalism, scarcity, and law of demand that on a personal level affect