SOCIAL STUDIES MIDDLE SCHOOL

Write a two paragraph persuasive essay on how important economic resources are in society

Answers

Answer 1
Answer:
I would suggest the main importance of economics is helping society decide on the optimal allocation of our limited resources. The fundamental problem of economic is said to be scarcity - the idea that wants (demand) is greater than the resources we have. Frequently we face choices on:

What to produceHow to produceFor whom to Produce

Economics helps to decide on questions like this. More specifically economics is important in these areas.

How to manage the macro economy.

Economists can advise governments how to manage the economy and avoid problems such as inflation and unemployment. Both inflation and mass unemployment can be devastating for society. Economists argue that both can be avoided through careful economic policies. For example:

Policies to reduce unemploymentPolicies to reduce inflation

If economics can help reduce unemployment, then it can make a big improvement to economic welfare. For example, the mass unemployment of the 1930s great depression, led to much political instability and the rise of extremist political parties across Europe.


However, the problem is that economists may often disagree on the best solution to these problems. For example, at the start of the great depression in 1930, leading economists in the UK Treasury suggested that the UK needed to balance the budget; i.e. higher taxes, lower unemployment benefits. But, this made the recession deeper and led to a fall in demand. 

It was in the great depression that John Maynard Keynes developed his general theory of Employment, Income and Money. He argued that classical economics had the wrong approach for dealing with depressions. Keynes argued that the economy needed expansionary fiscal policy. - higher borrowing and government spending.

2. Overcoming Market Failure.

Generally it is considered that free markets offer a better solution than a planned economy (Communist) However, free markets invariable lead to problems such as

The over production of negative externalities (e.g. pollution)The underproduction of goods withpositive externalities (e.g. education, health care, public transport).Non provision of Public Goods


An economist can suggest policies to overcome these types of market failures. For example

Tax negative externalitiesSubsidise public services like health care and education.

The importance of economics is that we can examine whether society is better off through government intervention to influence changes in the provision of certain goods.

Some Topical Issues Economists are concerned with
Carbon Tax - should we implement a carbon tax to reduce global warming.Should we tax fatty foods?Arguments for Road pricing
Efficiency

Another area where economists have a role to play is in improving efficiency. For example economists may suggest supply side policiesto improve the efficiency of an economy.

Individual Economics

Economics is also important for an individual. For example, every decision we take involves an opportunity cost - which is more valuable working overtime or having more leisure time?

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What does prompt means

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Occasion/lead to are synonyms for prompt
what you need to answer by the end of your writing

14 letters a Duty or task to be fulfilled

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responsibility

Hope this helps!

Colonial familesA. Produced most of what they needed

B. Mostly Worked in factories

C. Produced little of what they needed

D. Usually only had one child​

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Answer:

Explanation: A: Produced most of what they needed.

After the Jewish Revolt was put down and the Romans destroyed the Temple in 70 A.D., Jews were scattered across the Roman world. What did the Jews turn to as their center of worship? the city of Jerusalem the authority of rabbis (teachers) the Jordan River the Torah

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The correct answer for the question that is being presented above is this one: "the city of Jerusalem." After the Jewish Revolt was put down and the Romans destroyed the Temple in 70 A.D., Jews were scattered across the Roman world. The Jews turn to as their center of worship is the the city of Jerusalem

The correct answer is "the authority of rabbis (teachers)"

Would you pick to get some nike air max 2 or get your nails done

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Answer:

My nails done because Nike air max 2 is more expensive than getting your nails done

Answer:Nike air max 2

Explanation:

I perfer airforce 1 but the air max 2 is wayyy beter than getting nails done

Why is a very little known about king Khufu

Answers

Almost all statues and other depictions of Khufu were destroyed after his death because people were so scared of him, and scared that he would still have power over them in the afterlife.
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