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Two Fundamental Facts Of Economics

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People were switching over from motorcycles to cars. So, to keep up with the market, in 1963, Honda released its “ first sports car, in Japan” (HA, par. The Honda Civic debuted in 1972 and was “ ranked first in US fuel economy test” (HA, par. Civic has been one model which they have been refining as per the needs of the society from time to time. In 2002 Civic Hybrid became “ the first established mainstream, gasoline-electric hybrid engine to be sold in North America” (HA, par. Since petroleum as a resource is scarce, it is the need of the society to move away from traditional fuels towards alternative fuels.

This is a fine example of ‘ what to produce’ depending on the needs of society as well as the availability of resources (i. There can be various alternative techniques for producing a commodity. One has to choose which technique to follow so as to obtain the optimum output. Again coming back to the house-wife example, suppose she has to cook fish for dinner. Now she has the option of either frying it or baking it or maybe follow some other elaborate recipe.

In this case, not only the fish and its ingredients but also the family’ s health as well as the enjoyment of the food and efforts taken to prepare it are the resources. She has to choose what is best for her family and take decisions accordingly. Southern California Edison, based in Rosemead, California, is one of the largest utility companies of America. It is “ serving more than 13 million people” , (EI, par. 1) providing reliable electric service covering more than “ 50,000 square miles” (EI, par. 1) of central, coastal and central southern California, “ employing more than 15,500 employees” .

It is regulated by various government bodies like the California Energy Commission (CEC). One very important (and positive) ruling from CEC has been to make it mandatory to generate 20% of electricity using renewable sources by 2010 and a goal of 33% by 2020. This is in a bid to bring down ‘ Green House’ gas emission helping in reducing pollution and global warming.

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