Describe the changes in population and living standards since 1800. What implications do these changes raise about standards of living today?
What will be an ideal response?
The population grew from about 1 billion people in 1800 to about 7 billion people today. Living standards for the average American today are at least 12 times higher than they were in 1800. Resource use or consumption per person is much higher today than in 1800. The increasing demand for and concerns about a limited supply of resources have raised questions about whether these high living standards can be sustained.
You might also like to view...
Many predict there will be permanent, growing shortages of oil by the year 2025. The prognosticators are assuming
A) oil prices will fall. B) oil prices will not adjust appropriately to coordinate the market. C) oil prices will rise. D) greed will ruin the supply and demand process in the world oil market.
How does the long-run supply curve differ from the short-run supply curve for a perfectly competitive firm? Explain your answer
What will be an ideal response?