Consumers have scarce money and time while businesses have scarce resources used to produce their products. People have unlimited wants, but scarce resources. Economics attempts to explain how consumers make the decisions of which wants to satisfy with their limited time and money. This also helps to explain the negative relationship in the demand curve.
Economics also studies how businesses determine which goods to produce given their limited resources needed to produce them. Therefore, scarcity is one of the main foundations that the field of economics is built on. Try it risk-free for 30 days. Watch 5 minute video clips, get step by step explanations, take practice quizzes and tests to master any topic. I love the way expert tutors clearly explains the answers to my homework questions.
Announcing An Undercurrent of Jitters by Carol Levin
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Question: How is scarcity an undercurrent of economics? Scarcity: In economics, scarcity is the idea that consumers and businesses do not have unlimited resources. Answer and Explanation: People have unlimited wants, but scarce resources. Ask a question Our experts can answer your tough homework and study questions. Ask a question Ask a question.
UNDERCURRENT | meaning in the Cambridge English Dictionary
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What is the Basic Economic Problem of Scarcity? Regional and global ocean models show that coupled air—sea phenomena such as ENSO see Chapters 15 and 24 Chapter 15 Chapter 25 are quite sensitive to mixing in the transition layer, as the rate of downward heat flux out of the mixed layer affects SST Harrison and Hallberg, An example of the rich field of turbulence present beneath the equatorial mixed layer is shown in Figure 7.
The turbulent dissipation rate bottom panel shows bursts of turbulence extending well below the mixed layer upper black line on most nights, with separate patches of turbulence at times present at the upper edge of the equatorial undercurrent lower black line. Bursts of high-frequency oscillations penetrating below the mixed layer have been well documented at the equator e. A variety of theories have been proposed to explain observed high-frequency motions in this depth range, from generation by shear instabilities acting on the upper edge of the equatorial undercurrent Moum et al.
The spate of recent equatorial mixing observations also highlights the compounding effects of processes with very different timescales. For example, while the bursts of turbulence visible in Figure 7. While questions remain as to the dynamics driving transition layer mixing at the equator or elsewhere , it is becoming increasingly clear that large-scale-modeled upper ocean budgets and air—sea fluxes are sensitive to how these effects are parameterized Section 5.
Figure 7. The rich structure of near-surface turbulence. Figure 8. Schematic representation of Somali Current circulation patterns in the upper layer — m for different seasons. Reprinted from Deep Sea Research , 37 12 , F.
Schott et al. Figure 9. This reached a north-eastward mean of 0. This variability seems in agreement with salinity distribution near that level along the coastal boundary, with slightly higher salinity at the end of the NE monsoon season and slightly lower salinity during the SW monsoon. From the long-term current measurements, it seems that at the Equator the semiannual variability is stronger than the annual variability even near the coast.
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Off the equator, the annual component dominates. Numerical models have shown that the location and motion of eddies are influenced by the distribution and strength of the wind forcing; an increase in the winds leads to a southward displacement of the offshore turning of the southern branch; the northward motion of eddies is very dependent upon the coastal geometry; and the onset of the northward Somali current depends on local winds forcing and on the wind forcing far out at sea. Baroclinic Rossby waves generated by the strong offshore anticyclonic windstress curl have been found to be the generation mechanism of the Great Whirl.
Beneath the near-surface equatorward flow of the Canary Current, a subsurface current flows poleward, counter to the general circulation and tightly bound to the continental slope. It has been documented along the entire continental margin between the Gulf of Guinea and north-west Spain, and is a common feature of all eastern boundaries. Despite many direct and indirect observations of the flow, there are remarkably few systematic observations. Its maximum speed is close to 0. Note also the weak undercurrent in Figure 5. Along most of the eastern subtropical gyre the poleward flow is restricted to the subsurface layers, though it may surface when the Trade Winds weaken or turn northward.
In the latter area it forms the inshore loop of the cyclonic recirculation. Where it meets the Canary Current separating from the coast, some of the poleward flow continues northward as the undercurrent, carrying with it the typically warmer, fresher, and higher nutrient content South Atlantic Central Water of this region. The seasonal analysis showed that during autumn the poleward flow may occur at the sea surface, again reaching the Canary Islands, and the few available direct observations appear to corroborate this. During winter, all of the water column moves northward over the continental slope, but in summer, when the equatorward Trade Winds are present, the currents in the upper few hundred meters are driven equatorward.
As it travels northward it tends to separate intermittently from the coast in various locations to form subsurface eddies known as Meddies. Three preferred paths are reported to carry the Mediterranean Water away from the Iberian continental slope: northward where the undercurrent extends beyond Cape Finisterre, north-westward west of the Galicia Bank, and south-westward off the Gorringe Bank.
In each case the topographic feature seems to trigger the formation of the Meddies, which then migrate away from the boundary and can maintain their identity for up to 4 years. One unresolved question is whether the poleward flow off NW Africa is in any sense continuous with that off Iberia. There are few observations of the undercurrent off northern Morocco and none that might indicate how the flow interacts with the deepening Mediterranean Intermediate Water.
It therefore must pass through any undercurrent continuing north from Morocco to the Iberian slope in the Gulf of Cadiz. Antony Joseph, in Measuring Ocean Currents , Ancient mariners began to realize the existence of subsurface and abyssal currents in the ocean through rare incidents during their seafaring careers. For example, Maury mentions a shipwreck incident that took place in the year , which a Dr. Hudson communicated to the Philosophical Society in This wreck pertains to a Dutch ship, with her cargo of brandy and oil, which sunk in the deep water at Ceuta Point, Spain.
Surprisingly, the sunken ship arose on the shore near Tangier directly against the strength of the surface current in that region. This incident clearly demonstrated the existence of a strong undercurrent in the same region, in the opposite direction of the surface current, which dragged the sunken ship to the shore. Maury mentions another incident on the discovery of oceanic subsurface currents. Surprisingly, sinking the weighted bucket still lower and lower, the boat was driven ahead to the windward against the upper current.
The lower the bucket was let fall, he found the undercurrent was the stronger. Further evidence for the presence of oceanic subsurface currents emerged when Lieutenant J. Walsh and Lieutenant S. Lee of the United States were carrying out a system of observations in connection with the Wind and Current Charts.
They made some interesting experiments on the subject of submarine currents.