Q1: Tomorrow, I think I will fly to Tahiti and snorkel for a while, fly to Wimbl
ID: 1130862 • Letter: Q
Question
Q1:
Tomorrow, I think I will fly to Tahiti and snorkel for a while, fly to Wimbledon England and play some tennis on their grass courts, eat at the finest restaurants in Paris, and then get a great full night of sleep. What do you think of my plan?
What would you like to do tomorrow? Why can’t we do everything we would like to do (use economic terms to explain)?
Why can’t our government give us everything we want (use economic terms to explain)? So what things should our government “give” us? Why?
How do these questions relate to economics?
Explanation / Answer
This plan is great but given the limited time and resources available to each person it is difficult to fulfill.
Tomorrow, I think I will fly to Tahiti and snorkel for a while, fly to Wimbledon England and play some tennis on their grass courts, eat at the finest restaurants in Paris, and then get a great full night of sleep. We cannot do everything we would like to do beacuse of budget constarint and scarcity. Everyone do not possess unlimited resources on the earth to fulfill every desire they wish.
Government cannot give us everything we want because government has also limited resouces in the form of tax revenues and government cannot spend its tax collection for the desire of the individuals in the society. The objective of the government is to maximize social welfare.
The government can give us those resources which cannot be provided by the private sector and those resources which are necessary for the welfare of the society such as health and education.
These question relates to the economics as they talk about the choice and allocation of the resouces in the economy by the government for the society.
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