Can someone help me with my first assessment concerning Economics (AS)..? Watch

High As A Kite
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I have to write a essay titled...

Economics is a social science which is concerned with the study of the allocation of scarce resources among competing ends. discuss.

I have no idea where to start. My text book offers no help at all. Can anyone offer ANYTHNG ?
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Beet
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First give a few examples of scarce resources and explain why some resources are scarce in regards to competiting ends.

And then it would be useful to talk about the functions of prices in a market (relating to scarce resources) and use graphs to demonstrate your understanding.

I'll admit the question does look a little odd to me, but since it say "discuss" remember to compare a number of possible views about this issue and put forward opinions. For that reason it may also help to talk about the other things Economics is concerned with.

Hope all goes well.
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High As A Kite
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(Original post by Beet)
First give a few examples of scarce resources and explain why some resources are scarce in regards to competiting ends.

And then it would be useful to talk about the functions of prices in a market (relating to scarce resources) and use graphs to demonstrate your understanding.

I'll admit the question does look a little odd to me, but since it say "discuss" remember to compare a number of possible views about this issue and put forward opinions. For that reason it may also help to talk about the other things Economics is concerned with.

Hope all goes well.
Hi, thanks for the post

This is my first year of economics and ive only had one lesson. Could you explain what competing ends are and expand on " functions of prices in a market (relating to scarce resources)"

thanks
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High As A Kite
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Beet
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(Original post by High As A Kite)
Hi, thanks for the post

This is my first year of economics and ive only had one lesson. Could you explain what competing ends are and expand on " functions of prices in a market (relating to scarce resources)"

thanks
Competing ends is the market or more specifically suppliers (the people that give out the scarce goods to consumers/customers).

Functions of prices in the market is a little advanced so I'm not sure you need to include it, however I'll tell you a bit anyway since it'll be helpful.

There are 3 functions of prices in the market, but for now just focus on the rationing function:

Consumer wants are infinite, but we live a world with of scarce resources.

This concept allows you to expand upon how Economics is concerned with allocating scarce resources. You could talk about how higher prices are used to deter high wants, because resources are limited.


I wouldn't worry too much about this assesment since I assume your teacher just wants to see how you write. If it's not due for Monday you can always ask for help in school.
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Desolator
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What beet posted, along with a demand and supply diagram.

Demand get's lower the higher the price, supply gets higher the higher the price. Where both meet is the equilbruim, this is the market price, and the quantity supplied to the market, this is viewed as the most efficent way to allocate resources.

http://tutor2u.net/economics/gcse/im..._chocolate.gif

Resources are allocated on the basis of effective demand (ability to pay market price).

Other system's such as a command economy have attempted to allocate resources on the basis of need, such as the USSR.

This should also help.

http://tutor2u.net/economics/revisio...nd-choice.html
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High As A Kite
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thank you two so much, +ve rep will come in a few days
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Desolator
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www.tutor2u.net is a good guide for revision and learning, I used it and found it quite useful. Although I did prefer the textbooks.
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High As A Kite
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(Original post by Beet)
Competing ends is the market or more specifically suppliers (the people that give out the scarce goods to consumers/customers).

Functions of prices in the market is a little advanced so I'm not sure you need to include it, however I'll tell you a bit anyway since it'll be helpful.

There are 3 functions of prices in the market, but for now just focus on the rationing function:

Consumer wants are infinite, but we live a world with of scarce resources.

This concept allows you to expand upon how Economics is concerned with allocating scarce resources. You could talk about how higher prices are used to deter high wants, because resources are limited.


I wouldn't worry too much about this assesment since I assume your teacher just wants to see how you write. If it's not due for Monday you can always ask for help in school.

i think ive more or less done the first part. but, what i can discuss for the opposing side. ? can you make a few suggestions like last time please
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High As A Kite
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(Original post by Desolator)
www.tutor2u.net is a good guide for revision and learning, I used it and found it quite useful. Although I did prefer the textbooks.
thanks ill have to read through that soon.

what can i write for the other side of the discussion
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Fynch101
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yeah tutor2u is great
and I was always taught it was unlimited wants, not competing ends
a strange question in general
Having got an A in economics at A level, I'm going to university to do this sort of this in 2 weeks and I would be in a similar position to you to be honest
Start with the principles of supply and demand, and how these variables cause changes in price. And don't forget to use diagrams!
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Tallon
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sounds like a bit of a poorly thought out question to me. I'd just talk about infinite wants yet finite resources and how price is a rationing device and how needs must be forfilled
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Beet
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(Original post by High As A Kite)
i think ive more or less done the first part. but, what i can discuss for the opposing side. ? can you make a few suggestions like last time please
Include and emphasis on why scarce resources are important. I.e. talk about the dangers or consequences of not rationing scarce resources -- it might be easier to use an example such as oil.

After that challenge the questions stance. For example, "Economics is not merely limited to the allocation of resources, it also deals with production...".

And then conclude on what the study of Economics really is in your opinion.

Key note: Don't forget to illustrate sentences with graphs.
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High As A Kite
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(Original post by Beet)
Include and emphasis on why scarce resources are important. I.e. talk about the dangers or consequences of not rationing scarce resources -- it might be easier to use an example such as oil.

After that challenge the questions stance. For example, "Economics is not merely limited to the allocation of resources, it also deals with production...".

And then conclude on what the study of Economics really is in your opinion.

Key note: Don't forget to illustrate sentences with graphs.
A suggestion was made to write about the command economy and/or externalities. Is that right ? That's what i've done now :s
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Desolator
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(Original post by High As A Kite)
A suggestion was made to write about the command economy and/or externalities. Is that right ? That's what i've done now :s
Well a command economy is another way of allocating resources, the contrasting view and one which is used throughout economic thought is the free market system, which would require a demand and supply diagram.

So do not go into much detail about a command economy, just acknowledge what it is, how it worked, advantages and disadvantages, no more than a paragraph. A command economy removes the competing ends.

The free market system is where you should try and focus on.

Refer to perfect competition also, that is what "competiting ends" is refering to I think.

A concluding point could be that resources are not allocated efficently even within a free market due to, externalities, impefect knowledge and monopoly power.

Worth reading these also.

http://www.tutor2u.net/economics/rev...mechanism.html
http://www.tutor2u.net/economics/rev...-monopoly.html
http://www.tutor2u.net/economics/rev...mpetition.html
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High As A Kite
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(Original post by Desolator)
Well a command economy is another way of allocating resources, the contrasting view and one which is used throughout economic thought is the free market system, which would require a demand and supply diagram.

So do not go into much detail about a command economy, just acknowledge what it is, how it worked, advantages and disadvantages, no more than a paragraph. A command economy removes the competing ends.

The free market system is where you should try and focus on.

Refer to perfect competition also, that is what "competiting ends" is refering to I think.

A concluding point could be that resources are not allocated efficently even within a free market due to, externalities, impefect knowledge and monopoly power.

Worth reading these also.

http://www.tutor2u.net/economics/rev...mechanism.html
http://www.tutor2u.net/economics/rev...-monopoly.html
http://www.tutor2u.net/economics/rev...mpetition.html

ahh man i was not online that late and handed the work in today :s

everyone struggled and the teacher was expecting it.
there is a chance to re-do it though, so thanks a lot for the additional help +ve rep
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