Name: Economics Date: Mr. Thadhani Current Events – Scarcity Task (1): read the article entitled “Economic Theories Differ on How to Cope with Global Scarcity” from The Wall Street Journal and complete the task below. Source: http://online.wsj.com/ad/article/davosupdate-scarcity Task (2): provide a brief summary of the article with a particular focus on scarcity and the world’s response to scarce resources. Minimum of 3-5 sentences. _________________________________________________________________________________________________________________________________________________________ _________________________________________________________________________________________________________________________________________________________ _________________________________________________________________________________________________________________________________________________________ _________________________________________________________________________________________________________________________________________________________ _________________________________________________________________________________________________________________ Task (3): answers the questions below based on the article reading. (1) Which economist wrote about the challenges that people would face in regards to resources? Why did they believe this? Explain with a specific economic concept. _________________________________________________________________________________________________________________________________________________________ _________________________________________________________________________________________________________________________________________________________ _________________________________________________________________________________________________________________________________ (2) How have humans been able to overcome scarcity? Identify the factor of production highlighted by this mechanism. _________________________________________________________________________________________________________________________________________________________ _________________________________________________________________________________________________________________________________________ (3) Describe two specific examples from the article that exemplify the concept you described in question 2. _________________________________________________________________________________________________________________________________________________________ _________________________________________________________________________________________________________________________________________________________ _________________________________________________________________________________________________________________________________ (4) According to Gregory Unruh, why does he believe the Malthusians to be incorrect? How does the market hurt the argument of Malthusians? _________________________________________________________________________________________________________________________________________________________ _________________________________________________________________________________________________________________________________________________________ _________________________________________________________________________________________________________________________________ (5) As we’ve discussed, economists study the economic choices made by individuals encompassing the idea of scarcity. Dr. Unruh and Mr. Taylor describe scarcity in a way most don’t think about? What claims do they make and do you agree or disagree with their statements? Explain. _________________________________________________________________________________________________________________________________________________________ _________________________________________________________________________________________________________________________________________________________ _________________________________________________________________________________________________________________________________________________________ _____________________________________________________________________________________________________________________
© Copyright 2026 Paperzz