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Principles of Economics - Assignment Example

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Suggest how an economist would approach the problem of alcohol abuse. Provide two (2) possible solutions to this problem. Include the four (4) elements of the economic way of thinking in your analysis.
An economist is always concerned with the optimal distribution of scarce…
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Principles of Economics
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Principles of Economics

Download file to see previous pages... The problem of alcohol abuse is not easily overcome because alcohol is highly addictive. In this case, if the alcohol abuser is an economist, he or she will consider many things that he or she would use to help him or her overcome the situation. They will look at the opportunity cost whereby they will consider buying those goods that are best for their health such as food other than alcohol that would cause a problem to his or her health (Mantzavinos 64).
Additionally, they will use cost benefit analysis by viewing the benefits accrued from stopping the habit of alcohol consumption. In this case, the benefit of stopping consuming alcohol is higher than continuing with the habit (Porter 1998). For instance, there is wastage of money in purchasing alcohol. They would rather use the same money can be used to buy other important things. More so, they will consider rational behavior by assuming actions that are necessary when they stop consuming alcohol. Further, an economist would look at the market forces of demand and supply of alcohol in that they will analyze the level at which alcohol is supplied to the market and the price that alcohol come with. When the supply is not sufficient, they would prefer to stop drinking alcohol rather than continuing with the habit of looking for a commodity that is scarce and costly. More so, they will consider the level at which alcohol is demanded; therefore, they will analyze the possible outcomes of many people drinking alcohol.
The possible way to help alcohol abuser is to assist them to realize that they have alcohol consumption problem. Friends and family members can help make the abuser realize that alcohol drinking is affecting them in that they strained economically because the money that can be used to purchase basic commodity is used to buy alcohol. The abuser should be willing to look for assistance given that consumption of alcohol is dangerous to an individual’s health. ...Download file to see next pagesRead More
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