Part one of term paper
Canadian economy is facing an economizing problem – Scarcity. This happens when the material wants are virtually unlimited and insatiable, while economic resources – the means of producing goods and services – are limited or scarce. It is quite true that in our affluent society resources are more plentiful that they have been for any o ...

Part two of term paper
... at the market after lunch, all of the eggs would be gone. Then we would agree that eggs were scarce. Human wants keep changing and growing. Some derive from basic needs. Others arise because of influences like advertising. These wants, however they may be engendered, cannot all be satisfied because there are not enough resources to produce the desired number of goods and services. Since they cannot all be satisfied, choices will have to be made about what will be produced, how to produce and who ge ...