Economics HL - Online Portfolio
Scarcity refers to the amount of limited resources, which may be demanded by consumers
within a variety of unique markets. Almost all resources are scarce - be it our essential
resources such as food and water, or the unessential resources used for our satisfaction and
pleasantness. In 2018, South Africa suffered a major water crisis, causing water to be a scarce
resource around the nation -
● In January 2018, government officials stated that Cape Town would run out of municipal
water in April, causing several unique implementations of saving water.
● Families had limited access to water, causing them to spend more on their essential
requirements - water.
● Families were forced to conserve as much water as they could in case of a severe
drought, causing them to implement changes in their water spending amount.
● In February 2018, the government allocated water from other regions of the nation for
agricultural purposes, where more families were prone to receiving water - this water
was further diverted to other parts of the city.
● As a result of water scarcity, heavy tariffs were placed on activities relating to the use of
municipal water - swimming pools, lawns, gardens etc.
● As of right now, the situation in Cape Town has improved, but not by that much. The city
continues to face extreme issues with water scarcity, and has forced some individuals
out of the nation in search for a better personal life.
Adapted from City Lab - Alexander, Christian. “Cape Town's Day Zero Water Crisis.” CityLab, 12 Apr.
2019, www.citylab.com/environment/2019/04/cape-town-water-conservation-south-africa-drought/587011/
Allocating Resources
Allocating resources effectively is extremely important for either a business, firm or company. In
order to produce both goods and services, resources are required, and as a result, businesses
must be considerate as to how much of one resource they can particularly use. If businesses
and individuals, such as sole traders were to operate for their own gain, and a majority of
resources were to be used in the process, markets would not only come crashing down, but
rather causes complications amongst individuals. Firms and individuals must look at the future,
and considerately allocate resources in order for a sustainable community.
In Hong Kong, residential living is extremely costly [most expensive in the world], and as a
result, some individuals, such as the lower class citizens are forced into living in “box houses”.
● Hong Kong has a total area of 1 108 km2, of which around 500 km2 of land is used for
residential purposes. More than 7 000 000 live in an area of 1 108 km
● Even though there is approximately of lands available to use, the Hong Kong
Government is strictly ruled under the People’s Republic of China, causing them to have
a certain share of the state.
Scarcity refers to the amount of limited resources, which may be demanded by consumers
within a variety of unique markets. Almost all resources are scarce - be it our essential
resources such as food and water, or the unessential resources used for our satisfaction and
pleasantness. In 2018, South Africa suffered a major water crisis, causing water to be a scarce
resource around the nation -
● In January 2018, government officials stated that Cape Town would run out of municipal
water in April, causing several unique implementations of saving water.
● Families had limited access to water, causing them to spend more on their essential
requirements - water.
● Families were forced to conserve as much water as they could in case of a severe
drought, causing them to implement changes in their water spending amount.
● In February 2018, the government allocated water from other regions of the nation for
agricultural purposes, where more families were prone to receiving water - this water
was further diverted to other parts of the city.
● As a result of water scarcity, heavy tariffs were placed on activities relating to the use of
municipal water - swimming pools, lawns, gardens etc.
● As of right now, the situation in Cape Town has improved, but not by that much. The city
continues to face extreme issues with water scarcity, and has forced some individuals
out of the nation in search for a better personal life.
Adapted from City Lab - Alexander, Christian. “Cape Town's Day Zero Water Crisis.” CityLab, 12 Apr.
2019, www.citylab.com/environment/2019/04/cape-town-water-conservation-south-africa-drought/587011/
Allocating Resources
Allocating resources effectively is extremely important for either a business, firm or company. In
order to produce both goods and services, resources are required, and as a result, businesses
must be considerate as to how much of one resource they can particularly use. If businesses
and individuals, such as sole traders were to operate for their own gain, and a majority of
resources were to be used in the process, markets would not only come crashing down, but
rather causes complications amongst individuals. Firms and individuals must look at the future,
and considerately allocate resources in order for a sustainable community.
In Hong Kong, residential living is extremely costly [most expensive in the world], and as a
result, some individuals, such as the lower class citizens are forced into living in “box houses”.
● Hong Kong has a total area of 1 108 km2, of which around 500 km2 of land is used for
residential purposes. More than 7 000 000 live in an area of 1 108 km
● Even though there is approximately of lands available to use, the Hong Kong
Government is strictly ruled under the People’s Republic of China, causing them to have
a certain share of the state.
