Short Essay 1 - Short Essay 1 Fundamental Economic Concept...

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Short Essay 1 Fundamental Economic Concept Short Essay #1 Janette McGill California Baptist University BUS 217 Prof. Yoo Fall 2017
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Short Essay 2 In economics, there are eight powerful ideas that assist us in understanding how economics plays a part in our everyday life. Of the eight ideas, there are two in particular that I will discuss in depth and reflect how they apply to real-world situations while tying back to biblical principles. The first principle that will be discussed is that people face scarcity and costly trade-offs. The second is that people respond predictably to changes in incentives. Each one of these ideas impacts the way in which society operates. Scarcity, the first principle, plays the largest role in economics because it is the driving factor. Humans on this Earth have unlimited wants; however, our world has limited resources. There are so many things that we want in life not only for ourselves but our family as well. It is not always the case that these wants can be completely fulfilled.
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