(Solution) ECON312N Week 1 Assignment: Essay – Scarcity


 ECON312N Principles of Economics

Scarcity effects access to all products and services. Select for one of the following options for your topic and write an essay addressing all noted requirements:

  • Option 1: The Colorado River Compact allocates Colorado River water among eight states and Mexico. When the compact was originally negotiated, the region was sparsely settled so the focus was on agriculture use. Since that time, the population in the southwest has grown tremendously, changing the demands and stresses on this vital river. You have been given direction by the Federal government to fix the Colorado River Compact.
  • Option 2: You run a large health insurance company with a good reputation that tends to keep policyholders. What criteria would you use to balance the scarcity of resources (premiums), change the services provided, and/or influence the costs of claims?
  • Option 3: Select an existing product or service. Explain how scarcity affects the production or the market for the product or service. As the manager of the company, what decisions can you make to reduce the effects of scarcity?



In consonance with Greenlaw and Shapiro (2019) scarcity is an economic challenge that shows the gap between the available limited resources and the limitless demand for the available resources. When there is a high demand for the resource and the supply of the resource is low. For an instance, Colorado River that helps to supply river water to eight states in the United States including Mexico…..please click the icon below to purchase full solution at $10