- Watch the short video, Scarcity, The Basic Economic Problem, to help you think about this week’s discussion.
Link address (short video): https://www.youtube.com/watch?v=1cYMW5d_bn4
- Start your discussion by responding to these questions:
- What is a scarcity problem you’ve experienced in your work or home life?
- What system could you use to manage your scarcity problem?
- Be sure to respond to at least one of your classmates’ scarcity problems and provide an additional idea for a system to help solve their problem.
Respond to classmate post:
Hello everyone,
My name is E. H. and I am in my late 40’s, back in school to finish the degree I started almost 30 years ago. A unique fact about me is that as well as my full-time day job I am also a Death Doula. I work with individuals and families to make the death and dying process comfortable for them. I have learned a lot in this work about people and about life. I love my day job, but my doula work is my heart’s work. This economics course, and my degree path at Strayer, will help me to better organize the department I have been tasked with creating at my day-job, as well as, building my own brand and business as a Death Doula.
The scarcity issue I have been dealing with comes in my day-job. I work in the automotive industry and the shortage of vehicles has been a growing issue that has changed everything about our business. Our rental department is without vehicles to rent. Our service and parts departments are faced with back-ordered parts and frustrated customers. There has been an increase in the delivery fees from parts and vehicle deliveries. We are still working on the best way to balance that increase in cost to us, while trying to keep increase to customer costs minimal. A lot of marginal thinking takes place every day for us. Looking at where we can do more to balance out the less. We are taking more orders for future vehicles. Offering a higher value to customers looking to just sell a vehicle to us. It’s brand new territory for all of us in this industry and we are all learning and experimenting. Testing different methods to see what will work the best. Working our literal and figurative graphs to see where we can land to best benefit everyone.
E.H