Scarcity Of The Ingredients For Chocolate Bars Essay

Scarcity Of The Ingredients For Chocolate Bars Essay

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Scarcity is defined as the inability to satisfying the unlimited wants of consumers with the limited resources available for suppliers. It is the central economic problem that all societies face as suppliers produces with those scare resources. Prices are usually reflected on the cost to obtain the resources to make the product. In chapter seven, the authors talk about how scarcity of the ingredients for chocolate bars can influence the supply, price and the buyer’s willingness to pay (pg. 78). This demonstrates that the prices can hinge on the scarcity of a resource. This ultimately makes decisions costly. The supply and demand models could vary and ultimately change the equilibrium based on the scarcity of an item.

Scarcity also reveals the value of an item is different for each individual and their willingness to pay for it. Prices play a major role in separating people who have a high value for something from those who have a low value for it. This is what the role of quantity demanded tells us when evaluating a supply and demand graph. In chapter two, the authors explain the va...

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