PART 1: In 3-5 sentences, answer the following questions concisely: (5pts. each)
1. In your opinion, what makes something or someone political?
- Mundane choices are already political. From the brands we elect to support, the way we
elect to commute, even what we eat, as a consumer, these would have effects on the political
choices made by leaders and corporations alike. What we tell our youngsters has an
impression on their decisions within the future, and what we decide to not tell would also
affect their mindsets.
Everything is political.
2. What does economics offer to deal with scarcity?
- Scarcity means that there are never enough resources to satisfy all human wants and
economics is the study of the trade-offs and choices that we make, given the fact of scarcity,
in order to deal with scarcity, the government should produce more and pay their workers
well. Trading with other countries may work too, it will benefit both parties and help each
other grow.
1. In your opinion, what makes something or someone political?
- Mundane choices are already political. From the brands we elect to support, the way we
elect to commute, even what we eat, as a consumer, these would have effects on the political
choices made by leaders and corporations alike. What we tell our youngsters has an
impression on their decisions within the future, and what we decide to not tell would also
affect their mindsets.
Everything is political.
2. What does economics offer to deal with scarcity?
- Scarcity means that there are never enough resources to satisfy all human wants and
economics is the study of the trade-offs and choices that we make, given the fact of scarcity,
in order to deal with scarcity, the government should produce more and pay their workers
well. Trading with other countries may work too, it will benefit both parties and help each
other grow.
