The Root Cause Of Economic Problem Essay

858 Words Oct 25th, 2016 4 Pages
Q1. Yes, the root cause of economic problem is scarcity. Scarcity is attributed to nature as well as human nature. As one gets satisfied, the other crops up. Human desire to possess the output from nature races out ahead of the mounting ability to produce goods. But, if we could produce all the food we needed, and if technology were so advanced that we could make anything we wanted from our basement, then all our wants can be satisfied. There will be no scarcity left and thus economic problems will disappear. But, realistically it seems impossible, as it is very hard to meet out ever rising wants of human. A point will come where resources will fall short. We consume, more that we are willing to produce. This is a mankind behavioral issue; it does not matter if we had the abilities to produce everything we needed when we don’t want to input the man hours to produce it.
Q8. Yes, I consider humankind’s insatiable, we are seekers, and we are never satisfied with what we have. Yes, there are limited resources for the unlimited wants of individuals. We don’t have enough resources to produce all the goods people want.
Q9. We live in a society driven by capitalism; a society that desires seems to be never satisfied. A society that is accustom to having everything and more, without having to physically work for it. These problems are run by a combination of command and market systems of the economy we have in this country. We are consuming more that we can produced, and are…

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