Gawain

Scarcity in the Philippines

Every country in the world needed to develop its economic growth, enable the country to increase their money rate exchange. However, most countries suffer from limited resources that lead to scarcity-the imbalance between human needs and wants and the means of satisfying them. (Marcelo Jr., D., 2016; Microeconomics Theories and Application)

The Philippines is part of the third world countries, that means we have a lot of experience in scarcity. Many Filipinos lack the resources needed in their everyday lives, and our economy lacks employment. This is just the normal set up of our economy, but it has gotten worse when the pandemic arises.

Since this crisis had spread all over the globe, many firms and services stop from functioning, which leads to stopping people from working and earning money. This matter doesn't just end there. In this year 2020, our government is getting caught up with this crisis that one of this country's most essential organization for this pandemic is having corruption issues that our money exchange rate lessen because of it.

Moreover, our fellow Filipinos have a never-ending needs and wants that hinders the good and stable circulation of our economic development, nevertheless the lack of money exchange. Things are getting tied up with our economy, here in the Philippines; if this continues to grow, our economy might end up worst.

Therefore, our government officials start to let some companies, corporations, and other establishments function again to save our economic growth. It may or may not be the best thing or idea to do by these things happening all over the world but this might decrease the rate of many people who are suffering more from this crisis because of the lack of money to sustain their family's necessities.