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Question 1 of 1: Scarcity and the World of Tradeoffs - Essay Example

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Therefore, prioritizing these wants is essential. Making intelligent and realistic financial decisions requires giving up some wants and settling for better ones. The limited nature of resources…
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Question 1 of 1: Scarcity and the World of Tradeoffs
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HOW SCAR AFFECTS DECISION MAKERS [Sur HOW SCAR AFFECTS DECISION MAKERS Humans have unlimited wants to satisfy using limited resources at their disposal. Therefore, prioritizing these wants is essential. Making intelligent and realistic financial decisions requires giving up some wants and settling for better ones. The limited nature of resources affects all decision makers from the president of the United States, business executives, and city managers to mothers.
The president of the United States of America considers many factors before allocating available resources in the country’s reserves (Garbutt, 1967). Developing infrastructure, addressing insecurity, triggering economic growth, and reducing the rate of unemployment are some of the current problems the United States if facing. As the decision maker, the president must choose a financing mix that will move the country towards the production possibility curve. This will ensure that not all the money is spent on one project, leaving others with no money at all. In adherence to the rule of scarcity, some projects, though very important, for example, military involvements in Afghanistan must have their budgetary allocations reduced. Basically, the president’s primary focus is how macro-economic factors affect the country and how they can be modelled to suit the nation.
Business executives have a lot to worry about in resource allocation. The business environment is dynamic with stiff competition. Therefore, having a competitive edge demands brilliant and well calculated financial moves. This involves understanding how current conditions in the market can be tapped to benefit the business. Managers must invest the available resources in viable projects to avoid business collapse.
City managers have the responsibility of drawing up the city’s budget. The city council has to ensure services are provided to residents. The cost of providing these services, garbage collection, security, and social amenities, is high. Therefore, the manager must choose which projects to prioritize.
Mothers, as compared to other decision makers, have simpler decisions to make. Interestingly, their tasks could prove complex for planless mothers. Their immediate problem is balancing their budgets to achieve a perfect “personal budget curve.”
References
Garbutt, D. (1967). A simple introduction to capital expenditure decisions. California, CA: Pitman. Read More
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