Principles of economics

 

Introduce yourself to your professor and peers. Tell your classmates about the career you are in or for which you’re preparing.
Describe a scarcity problem involving natural resources, time, or employees. What was scarce? Why was it scarce? Remember, it probably involved a tradeoff.

Sample Solution

ople in most parts of Europe receive their income as social wages rather than individual wages. This means they receive free access to many government provided goods and services which are consumed in common by the whole community. Unlike Europe, social equality is never a goal of social policy in the United States. Even progressives like Senator Sanders only do so much as to offer colorblind anti-poverty and welfare solutions so as to not antagonize the average white voter who resents race-conscious programs. With the rise of right wight nationalism, even the progressive millennial fears race conscious programs as being morally wrong and even racist in nature. This would be against the goal of maintaining white supremacy which the state and its citizens aim for. This is probably why income inequality is 29% higher in the United States than the mean European income inequality. Workers receive relatively more of their income in the form of individual wages; and pay lower income taxes for fewer social benefits. Childcare, healthcare etc. are considered private expenses which one needs to obtain from the free market. As developed nations, neither the United States nor Western Europe have high numbers of absolute poverty determined by the United Nations. Poverty in these regions are understandably calculated by relative methods in comparison to the rest of their nation known as relative poverty. The United States tops the list of relative poverty in developed nations. Poverty rate reached 15.1% in 2010 in the United States where 17% of households live on less than 50% of the median income of the country. The poor are marginalized into urban ghettos and isolated households that are socially excluded. Social isolation is best ignored and welcomed as a justified punishment for those who didn’t work hard enough which is on par with the dominant American thought. While the European average of money income rates of relative poverty is 30.3% (higher than the United States), disposable income poverty rates crumble down to a mere 9%. This shows the considerable success of the numerous state poverty reduction programs. In essence, while the European governments in average are able to save 7 in 10 people from going into poverty before they do, the American government is only able to prevent 4 in 10 people from the same fate. In fact, American conservatives believe that the government should focus on growth of private economy rather than antipoverty measures. Their reasoning being that, ignoring those in poverty would, “Reform the poor of their defects in motivation and educational preparation so as to enable them to compete effectively in the market”.But when it comes to the New Deal and Great Society years, white majorities overwhelmingly supported activist governments because it was helping people like themselv

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