Scarcity In The Canadian Economy



Canadian economy is facing an economizing problem Scarcity. This happens when the material wants are virtually unlimited and insatiable, while economic resources the means of producing goods and services are limited or scarce. It is quite true that in our affluent society resources are more plentiful that they have been for any other nation or for any other time in history; nonetheless, we describe them as scarce, because they are scarce relative to the wants of the people in our society. For example, Canadian farmers produce almost 500 million dozen eggs a year. But if grocers distributed these eggs free, we would soon find that if we happened to arrive at the market after lunch, ...

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on these basic problems, and possible solutions, we have to derive an economic system.
In Canada most decision are made in the market . Consumers by their dollar votes decide what goods and services will be produced. Businesses, responding to the profits to be made from producing goods and services consumers want, hire the necessary resources. But some of the solutions given by the market are not acceptable, so Canadian governments intervene and impose different ones. The Canadian economy, then, is a mix economy system, with the market system predominating.
There are some ways to solve this problem. First, Canada must employs all its available resources and producing goods and services at least cost. Second, the available supplies of the factors of production are fixed in both quantities and quality. They can be reallocated, within limits, among different uses. Third, the economy is producing only two goods: consumer goods or capital goods . And last, Canada must choose among ...

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Added: 2/24/2005 10:56:12 AM
Category: Economics
Type: Premium Paper
Words: 692
Pages: 3

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