ECON312N Week 1 Assignment Latest 2020 November

ECON312N Principles of Economics

Week 1 Assignment

Essay – Scarcity

Required Resources

Read/review the following resources for this activity:

Textbook: Chapter 2

Lesson.

Minimum of 2 scholarly sources

Instructions

Scarcity effects access to all products and services. Select for one of the following options for your topic and write an essay addressing all noted requirements:

Option 1: The Colorado River Compact allocates Colorado River water among eight states and Mexico. When the compact was originally negotiated, the region was sparsely settled so the focus was on agriculture use. Since that time, the population in the southwest has grown tremendously, changing the demands and stresses on this vital river. You have been given direction by the Federal government to fix the Colorado River Compact.

Option 2: You run a large health insurance company with a good reputation that tends to keep policyholders. What criteria would you use to balance the scarcity of resources (premiums), change the services provided, and/or influence the costs of claims?

Option 3: Select an existing product or service. Explain how scarcity affects the production or the market for the product or service. As the manager of the company, what decisions can you make to reduce the effects of scarcity?

For All Responses

Find at least two articles in the Chamberlain library that discuss your research topic and how it is affected by scarcity. Include them as support for your points.

Include the following in your essay:

A summary of the effects of scarcity

A recommendation to reduce the effects of scarcity with a reallocation of resources

Note: Your recommendation should reduce the effects of scarcity with the same given budget, staffing, and other resources.