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How do consumers and businesses and governments address scarcity?
Wiki User
∙ 11y ago
They dont
Wiki User
∙ 11y ago
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How does specialisation address the issue of scarcity?
Since the days of Adam Smith it is a widely held economic tenet that specialisation leads to greater productivity. This productivity increase allows firms (or for that matter countries) to benefit from static efficiency i.e. greater output from a given set of inputs If countries can make more from their given set of resources, the problem of scarcity (i.e. the economic problem) must be improved or solved to some degree.
Do governments need to curb monopoly power?
It is important, in the first instance to address the issues around the type of monopoly being referred to. Depending on the type of the monopoly structure, the competition laws in effect and the type of good or service being produced by such a firm, then we can assess the extent and degree of government involvement. Government will only intervene when the market has failed and when the monopolistic practices are abusiev or exploting the consumers. It should be government prerrogative to protect its people. Governments can and if there is need or justification curb monopoly power. Government has a duty to observe the laws governing a monopoly and should there be a need, such lwas can be amended to attain some but not limited to the following results, (a) price controls and ceilings; (b) product quality controls; (c ) accessibility to the product; (d) relative information availability; (e) remove or reduce entry barriers to allow for perfect or imperfect competition. There are lots of monopolies that have faced serious challenges when the market was opened for new entrants, yes, governments need to curb monopoly power in suita ble instancec.
What is capitalism an example of?
When Walmart pursues opportunities in the market to make more money, that is considered capitalism. The ability for businesses and individuals to pursue profits, as long as it is legal, is an example of capitalism.
How does a controlled economy address the economic problem of scarcity?
Cause it's a fail First response seems a bit light.. But some background information can be added, If the centrally controlled economy has created the scarcity of goods, it is in a perfect position to correct the error. The case that Nikita Khrushchev notes in his memoirs is a perfect example of that. Early in his career, when he was on good terms with Stalin, Nikita placed a major emphasis on heavy industry as opposed to the manufacturing of consumer goods. He was able to correct that to some extent. Generally speaking, however, a centrally controlled economy will, by its own resources create an almost unavoidable scarcity situation. One solution is to better exploit its own natural resources to help smooth over the scarcity. In the case of Khrushchev, more development of Soviet heavy industry may have created a surplus to export and with the results in trade be able to import consumer goods. During WWII, Germany's centrally controlled economy along with its military power was able to manufacture the civilian products it lacked by importing workers from France to work in the consumer goods sector. This is not a good long term solution. The USSR, to an extent was able to take advantage of its Eastern European allies to help in this matter. The problem was that one cannot "feed Peter by robbing Paul" as the saying goes. The central economy solution to fix scarcities is to concentrate its economy on the area of scarcity. In the short term this will work. Long term there will be a problem. In the 1960's in the midst of the Cold War, there was much discussion about the US selling wheat and corn to the USSR. The "breadbasket" of the USSR was Ukraine. But weather and poor collective farming issues created shortages in grain production. The rift worked both ways. Many Americans disliked selling grain to the USSR. Much domestic discord was the result. On the other hand, the USSR was placed in the embarrassing position of needing food from the system that Premier Khrushchev had vowed to "bury".
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When there is a scarcity of food, it can lead to malnutrition, hunger, and food insecurity. This can have serious consequences on individuals' health and well-being, especially in vulnerable populations such as children and the elderly. Governments and organizations may need to implement strategies to address the issue, such as food aid programs or agricultural development initiatives.
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Which of these was an attempt by the world governments to specifically address the problem of global warming?
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What is the web address of the Lincoln County Museum in Davenport Washington?
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Give three examples of how businesses address their social responsibility function?
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