Scarcity and Opportunity cost

Scarcity of Oil

Scarcity is defined as a economic problem when people have unlimited wants but limited resources, so choices must be made on how to allocate those resources. They say that somewhere between the next 30 to 50 years we will run out of oil. If you look at statistics, you can see that we are consuming as much as oil as we are extracting nowadays. And since oil is a fossil fuel, there are limited quantities. If you take into account that in these next 50 years our population will increase by 2.6 billion people and that as countries keep industrializing they will consume more oil, the oil supply of the world is diminishing very rapidly. When oil and fossil fuels in general run out, we will have to solely rely on renewable resources, which is why nowadays every country is heavily investing in renewable sources of energy.


Entrepreneur- Steve Jobs

A entrepeneur is a person that starts up a company or business with risk involved, in hopes of profit. Steve Jobs was one of the most successful entrepreneurs of all time. Steve Wozniak, Steve Job´s best friend from high school, created the Apple 1 in 1975. When Wozniak showed Jobs the Apple I, Jobs had the idea to sell it, and from then on Jobs became the marketing director of Apple. Jobs quit college to start working full time on Apple. In 1976, Jobs and Wozniak created the Apple II, and due to Job´s marketing capabilities, they managed to showcase the computer at the Annual west Cost Computer Faire. The Apple II was different to its competitors at the time  because it included a floppy disk as a storage, it had a interface called Disk II which was significantly more advanced than the other interfaces at the time, and because it included a new program called VisiCalc, a spread sheet program, which suddenly gave companies a incentive to buy the Apple II because of its usefulness in the office.  Ever since then, Apple have had huge succeses with the Macintosh, the iMac, and in more recent years, the iPod, the iPad, and the iPhone. Apple nowadays is one of the most powerful companies in the world, and the world´s most valuable brand, with a value of 118.9 billion dollars.


Opportunity Cost

The Falkland Islands are a couple of islands in the south west Atlantic ocean, and Britian and Argentina were in conflict because they were disputing over who the island belonged to. Argentina said that it had its right to the islands because they inherited the islands from Spain in the 1800s. Britian argues that it was previously a British colony, and that most of the people that live there are of British descent. There was a brief war in 1982, and the issue of the Falkand Islands has since then been a topic of great debate and controversy. In 2013, the island was proclaimed British, and the way that this was decided was through a vote. Britian did get the island in the end, but the opportunity cost for ths was that the tensions between Britian and Argentina have ever since then been hostile and cold. The opportunity cost is that they could have used the money used for the war and for the lawyers to improve their countries, in ways such as education.



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