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Macroeconomics Journal - Scarcity

Macroeconomics Journal - Scarcity - ECO 201 Scarcity While...

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ECO – 201 Scarcity While buying groceries for Thanksgiving dinner this past week I had taken notice in which the groceries had been priced higher than normal. I had not done grocery shopping since the beginning of the semester therefore; I had caught on quite quickly. I wondered why the prices had risen in the span of roughly four months. That was until I read an article entitled an expensive dinner. While at the grocery store, being caught up in the moment of getting home for that Thanksgiving dinner meal. I had not thought of the term Scarcity, the term is the situation in which unlimited wants exceed the limited resources available to fulfill those wants (Hubbard & O’brien, 2006, p.34). In other words, one will be paying the high cost of food prices because food is a necessity to survive. “Food is scarcer now thanks to the market liberalization, which helped to cut excess production and lower stocks. At the same time demand for grains and other food commodities has shot up in China, India and other countries with rapidly growing economies. (Economist.com, 2007). The quote particularly
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