Imagine you are stranded on a deserted island with your classmates, and you all have limited resources at your disposal. In this scenario,
you have a finite amount of food, water, shelter materials, and tools. Each one of you has unique skills, but no one can survive alone for
long. The challenge is to discuss how you would use the economic principle of scarcity to make decisions about allocating your resources
efficiently.
1. Resource Allocation: How would you decide who gets what and how much? What criteria would you use to ensure everyone has
enough to survive?
2. Trade and Specialization: Would you trade resources or skills with others? How could specializing in certain tasks benefit the group as
a whole?
3. Sustainability: How would you use the resources sustainably so that they last as long as possible? Are there renewable resources you
could rely on?
4. Innovation: Scarcity often leads to innovation. Can you think of creative ways to use the resources you have to make new tools,
gather more food, or improve your living conditions?
Let's open the floor for a vibrant discussion on how scarcity affects decision-making, and how these principles can be applied not just on
our hypothetical island, but also in our daily lives and the broader economic world. Share your strategies, debate different approaches,
and let's uncover the microeconomics of surviving 'The Island of Scarcity"!
Requirements
Initial Post: 125 words minimum
• APA formatting
Initial post is due on Thursday
• Citation Requirement: Minimum of one scholarly, peer-reviewed source properly cited and referenced.
• The textbook can be used as a reference.
• Online sources (e.g., Wikipedia, blogs,vlogs, online magazines) are not scholarly or authoritative sources.
Industry-related authoritative sources are acceptable