Labor & Scarcity
Dijah Cunningham
What is labor ?
Labor is working especially hard work that creates great work .
Why is labor important ?
Its important because it helps balance the economy. If there is no labor then it will be a recession
Examples of Labor
- A hard working teacher that is working very hard so that students can pass the final exams
- A doctor working very hard on a patient that is close to death
What is Scarcity ?
Scarcity is unlimited human wants in a world of limited resources.
Why is Scarcity important?
Scarcity makes us produce more and if we do not, it brings in inflation. As we produce more, out GDP grows, so economy grows
Examples of Scarcity
- Oil
- Fish
- Sometimes food
Work Cited
"More Articles." BusinessDictionary.com. N.p., n.d. Web. 29 May 2015.