Economic growth, Scarcity, Resources, production, unemployment, disposable income, capitalism, socialism and opportunity cost.

| May 21, 2014

There is a general agreement that as much as there has been growth in the American economy as per projected figures, there exists a difference between what was planned and the actual growth figures. Statistics show a positive recovery and trend running from 2007 up to 2011. Many would be content but the deficit between forecasted and actual output of the United States economy is a major cause of concern. This reflects long term underutilization of resources and in future, the growing population will not be able to match their needs and available resources thus scarcity. Scarcity is referred to as an economic problem because it is a state where there exists an imbalance between the forces of demand and supply in an economy/market.

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