Present the case in a three-paragraph reflection paper.

Introduction, (Body and

conclusion)

Economics can be characterized in one or many ways. It's the study of shortage,
how individuals use its limited resources or even the study of decision- making. It
influences everybody's lives and present all over, even in home. Finding out with
economics can help everyone on making financial decision making. Moreover, it helps
us in our daily life in terms of the choices we have to make about consumption and how
much to save. It also helps us so that we can understand the world around us.
The two forces eliminated by the genie are the Scarcity of production/ availability
of goods and unlimited wants and needs of the people. Scarcity means that the demand
for a good or service is greater than the availability of goods and service. It is a
condition where a society does not have enough resources to satisfy all the goods or
services that the consumer wants. In the case, assuming that the Genie gave $50
million each person, therefore, people will rush into the markets to spend their money.
As a result, there would be a shortage because the goods available in the market are
less than the demand that the consumers will need. Another thing that the Genie
eliminated was the unlimited wants and needs of the people, by setting up a shopping
mall in every city and town around the world. In this case, everyone would be able to
buy as much as he or she desired without to worry about inflation.
After all, we study economics to make decision on how to use our limited
resources to satisfy our unlimited wants and need. In the first place, we don’t need to
deeply study economics if all of us are educated about the difference between our
wants and needs. If only we know the word “contentment”, wherein we’re not forcing to
satisfy all our needs and wants because we know that we only have limited resources.
We should know how to make wise decisions so as not to experience a shortage in the
availability of goods and services in the market.