Answer to Question #232792 in Economics for Another you

Question

A. Answer the following questions.

1. The world today is experiencing different problems including the COVID 19 pandemic. What do you think will happen to the economy of every country if the problems will not be solved? Why? 2. How can applied economics help solve economic problems?

3. What is scarcity?

4. How does scarcity affects a community?

5. How does basic economic problems affect socioeconomic development of the Philippines in the 21st century?

Answer 1

1. If the problems will not be solved, then the economies of most countries may fall into deep recession, because such problems require a lot of money to fix every one.

2. Applied economics solves economic problems by providing information on how people, businesses, and governments behave.

3. Scarcity refers to the limited availability of a resource in comparison to the limitless wants.

4. Scarcity affects everyone because resources are limited. Even wealth societies (and people) are limited in time, land, capital, and labor. 

5. Socio-economic development is measured with indicators, such as GDP, life expectancy, literacy and levels of employment. Social and economic factors, such as income, education, employment, community safety, and social supports can significantly affect how well and how long we live. For example, employment provides income that shapes choices about housing, education, child care, food, medical care, and more.