Economics is the allocation of scarce resources among competing ends. To some extent, virtually everything is scarce. Money, food, water,etc. But some resources are scarcer than others, and deserve special attention from those with the tools to allocate them properly. Like in the movie, "Wall Street", Michael Douglas is motivated by self-intrested, greed. Basically scarce resources can be defined as the limit a society has on a particular resource that is less obtainable than others which are readily attainable. The limitations to this method is that your either on your own or you gotta be with someone you really trust. Because when your by yourself, you have no one to point to or anything. But if your with a left hand partner, you better watch out before he starts to open his mouth. Just ask the Bush Administration. I think if this method was applied from everyone in society, we would end up like Germany at the end of WWI, just screwed out of the water. Some examples of my personal scarce resources are time, money, and energy. In a way they are all connected. I have to find a way to allocate my time to make more money but yet conserve my energy at the end of football at the same time. .
I think this applies to our economic system in a way that people set goals in order to make the world a better place. The impact upon the U.S. that is directly associated with our economic system is weighed heavily. The decisions of shown on " The Wall Street" directly affect the planet because if new ways to allocate resources isn't found or improper use of these resources occurs,then others suffer like in the movie. .