With the recent scandal with Volkswagen (VW) in which had 1.8 million commercial cars rigged with illegal technology to pass emission tests has led to VW reputation being dragged in the mud. With VW being on of the top selling car brand in the world this news can harm the German economy and the people who are purchasing VW cars. With this media topic and the microeconomics concepts of scarcity, exchange and completive advantage. The book Cocktail Party Economic by Adomait and Mantra will demonstrates these key topics and gives examples in which is crucial in understanding microeconomics.
“The first lesson of economics is scarcity. There is never enough of anything to satisfy all those who want it.” (pg. 8). Scarcity is when there are more