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Basic economic needs of man

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SEE VIDEO BY TOPIC: BASIC NEEDS OF MAN - LESSON PRESENTATION

Basic human needs: what are they?

The term "scarcity" has a slightly different definition in an economics class than it does in the "real" world. The quantity demanded goes down, but not demand itself. We'll talk more about that later. In an economics class the term "investment" does NOT mean the stock market, money markets. We will have to call such things "financial investments" because the term "investment" has a different meaning in economics.

Scarcity does not mean that only a little of something is available. For example, I grew up in northeastern Minnesota. About 30 miles away from my hometown was the town of Erskine, Minnesota.

Just outside of town a certain type of rock exists that occurs nowhere else in the world. They have named it "Erskinite".

Erskinite is only found near Erskine, Minnesota and only a little of it has ever been found. Because nobody wants it. Goods and services are scarce. These are the things that we want. Goods are tangible things that satisfy our wants like boats, computers, cars, etc. Even in the United States - one of the richest countries in the world - goods and services are scarce.

After teaching economics for a year or so, I bought a boat. Since I defined economics as the study of why I didn't have a boat - I had a problem. But then I simply changed my definition slightly. Now economics is: the study of why Mark doesn't have a. Once I got a boat, I wanted a bigger boat. After getting a bigger boat I wanted a sailboat. I now own 5 boats and I want a jetski. Since human wants are unlimited, and resources used to satisfy those wants are limited - there is scarcity.

Do you have everything that you want? There is always scarcity, because human wants are unlimited. Some economists call this the "economizing problem". We can't have everything that we want so we have to choose. Because of scarcity we as individuals, and our society as a whole, must make choices.

For example when I was thinking about buying a boat, I also needed shoes for my daughter. If we assume that I couldn't afford both again - can you afford everyhting that you want? I had a choice to make a boat or shoes? Our goal is to make choices that reduce scarcity as much as we can. Because of unlimited wants we can never eliminate scarcity, but it can be reduced by the right choices. Hopefully, this is what governements attempt to do: make the right choices to reduce scarcity and increase the standard of living for their citizens.

We don't want to make just any choice, we want to make the BEST choice. There are three, and only three, options choices for society to deal with scarcity, and all societies must deal with scarcity because there are limited resources and unlimited wants.

This is not the way the term is normally defined. Later this semester we'll discuss the various definitions of Economic Growth, but here we'll use this more fundamental definition:. This means we are ABLE to produce more, but it doesn't necessarily mean we do produce more. More on this later. If we only had more resources we could produce more goods and services and satisfy more of our wants.

This will reduce scarcity and give us more satisfaction more good and services. All societies therefore try to achieve economic growth. A second way for a society to handle scarcity is to reduce its wants. If we just didn't want so much then there would be less scarcity.

For example we know that gasoline is scarce. Can you get all that you want for the price you want? If you have to pay a price for something, then it is scarce. Space on our roads is also often very scarce. This would reduce the scarcity of gasoline and space on our roadways, but. Maybe during war time, if our president asks us to "share a car with our neighbor", we would. But it is not a long-term solution to the problem of scarcity that most of us would accept.

Although it is an option that we should keep in mind. That brings us to the third option for dealing with scarcity and to the remaining 4 "E's" of economics. Societies can reduce scarcity not just by 1 getting more resources, better resources, or better technology i. I call these the 4 Es of economics - four ways to use our existing resources to reduce scarcity and obtain the maximum satisfaction possible.

Societies will try to achieve all 5 Es of economics. This reduces scarcity and gives us more satisfaction from our existing resources. Let's look at each of these individually using some examples. REMEMBER our goal is to understand how they reduce scarcity and help society achieve the maximum satisfaction possible from its existing resources.

This is the goal of economics. You must keep this goal in mind as we go through these examples. If businesses use extra resources that they do not need, then these resources are wasted. Since we know that resources are limited and human wants are unlimited, let's not waste any of the few resources that we do have.

Let's assume that Harper College employs 50 janitors to clean its buildings and that's enough to do a good job. If Harper then hired 25 more janitors this would be wasteful.

Even though they could probably find something to do to keep busy, they aren't needed. Fifty janitors can do the job. So society would be better off if Harper did NOT employ these additional janitors so that they could go get a job somewhere else like maybe at a boat factory where they would produce more for society.

It would be productively inefficient to employ 75 janitors at Harper. Harper's costs will be higher productive inefficiency and society's output would be lower less satisfaction. Several years ago, one of my students gave me this example. She had visited Moscow when the communist Soviet Union still existed.

She said that she was surprised when she entered a grocery store and saw four employees at every cash register! What a waste of labor resources. In the US we find one, or two, workers at a checkout stand and only a few will be open. In Moscow ALL stands were open with four employees each. This is productively inefficient.

Their costs are higher and since labor is being wasted, they will produce less. They are not achieving the maximum satisfaction possible from their limited resources productive inefficiency. Take a brief look at one or a few of the following news articles. When you click on the link they should appear in a new browser window. If each company was able to continue producing the same amount of output after laying off thousands of workers then they must have been productively inefficient before the layoffs.

I realize that this may be a bit controversial. If you have questions let's discuss them on our discussion forum. When you click on the link it should appear in a new browser window. Keep in mind the GOAL: reducing scarcity and achieving the maximum satisfaction possible from our limited resources. If these companies can still produce the same amount of output with thousands fewer employees, by laying them off they become available to work somewhere else producing MORE for society.

BUT, will they find another job? These articles indicate that in today's economy they probably will:. Would it be better for society to have them stay at companies where they are not needed or to be unemployed collecting unemployment compensation or welfare?

I would consider the possibility that it would it be BETTER for society to have them be unemployed collecting unemployment compensation or welfare.

Not all layoffs are good for society. See: lay-offs. If businesses use resources where they are best suited then MORE can be produced from the same amount of resources. Let's say I own a company which employs secretaries and truck drivers. Normally the secretaries type letters and the truck drivers drive trucks. One day I decide to try something new.

Basic Economic Problem

Today we release a new working paper by Ian Gough, setting out a theory of human need. The essential premise is that every individual, everywhere in the world, at all times present and future, has certain basic needs. These must be met in order for people to be able to pursue their own goals, to participate in society and to be aware of and reflect critically upon the conditions in which they find themselves.

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Basic Economic Problems

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Basic needs

At the most basic level, economics attempts to explain how and why we make the purchasing choices we do. Four key economic concepts—scarcity, supply and demand, costs and benefits, and incentives—can help explain many decisions that humans make. Everyone has an understanding of scarcity whether they are aware of it or not because everyone has experienced the effects of scarcity. Scarcity explains the basic economic problem that the world has limited—or scarce—resources to meet seemingly unlimited wants. This reality forces people to make decisions about how to allocate resources in the most efficient way possible so that as many needs as possible are met.

The basic needs approach is one of the major approaches to the measurement of absolute poverty in developing countries.

The term "scarcity" has a slightly different definition in an economics class than it does in the "real" world. The quantity demanded goes down, but not demand itself. We'll talk more about that later. In an economics class the term "investment" does NOT mean the stock market, money markets.

Four Economic Concepts Consumers Need to Know

Households have limited income and they need to decide how to spend their finite income. Householders will also face decisions on how much to work. For example, working overtime at the weekend will give them extra income to spend, but less leisure time to enjoy it. A worker may also wish to spend more time in learning new skills and qualifications.

Wants - Simply the desires of citizens. Wants are different from needs as we will see below. Wants are a means of expressing a perceived need. Wants are broader than needs. Needs : These are basic requirements for survival like food and water and shelter.

Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. If you continue browsing the site, you agree to the use of cookies on this website. See our User Agreement and Privacy Policy. See our Privacy Policy and User Agreement for details. Published on Oct 27, We all know that economics is a social science, which deals with production, distribution and consumption functions. It is all about making choices regarding the allocation of scarce resources, so as to make their best possible use and satisfy human wants and needs. From economics point of view While needs point out the something you must have for survival, wants refers to something which is good to have, but not essential for survival For the purpose of spending and saving money wisely, every person must know the difference between needs and wants.

Primitive man does not separate basic economic from aesthetic and religious needs. The totem pole, as insurance for the salmon run, is as closely related to  Frederick Herzberg, ‎Bernard Mausner, ‎Barbara Bloch Snyderman - - ‎Business & Economics.

В шифровалке. Спускаясь по лестнице, она пыталась представить себе, какие еще неприятности могли ее ожидать. Ей предстояло узнать это совсем .

Это данные о сегодняшней производительности. Взгляни на число дешифровок. Бринкерхофф послушно следил за движениями ее пальца.

Может быть, японский? - предположил Беккер. - Определенно. - Так вы успели его рассмотреть. - Господи.

Компания Ай-би-эм предоставила ему визу и предложила работу в Техасе.

Никакое количество люстр под сводами не в состоянии осветить бесконечную тьму. Тени повсюду. И только в вышине витражи окон впускают внутрь уродство мира, окрашивая его в красновато-синие тона. Севильский собор, подобно всем великим соборам Европы, в основании имеет форму креста.

Что-нибудь из Отдела обеспечения системной безопасности. Стратмор покачал головой: - Это внешний файл. Она ждала чего угодно, но только не. - Внешний файл. Вы не шутите. - Если бы я шутил… Я поставил его вчера в одиннадцать тридцать вечера. Шифр до сих пор не взломан.

Халохот быстро осмотрел стодвадцатиметровую башню и сразу же решил, что прятаться здесь просто смешно. Наверняка Беккер не настолько глуп. Единственная спиральная лестница упиралась в каменную камеру квадратной формы, в стенах были проделаны узкие прорези для обозрения, но, разумеется, никакого выхода он не .

Comments: 2
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