Directions: There are 2 responses. Read each one and write a 100 word response. Must include biblical integration. Response 1:) JalynGood Evening, Based on the above video clip, which of the Eight Guideposts is/are addressed and explain why? – The following Guideposts were used/ addressed in the video:1) The use of scarce resources is costly, so decision-makers must make trade-offs. Someone must give up something if we are to have more of a scarce good. In the video, Able and Charlie used their surroundings to make their living situation better. Able had limited resources so he made do with what little he had and traded with Charlie. Able knew that by having a net and trading some of his fish for the shirt, he would not lose any value. Explain in your own words, what drives Able and Charlie to trade? What is/are the underlying assumption(s) that allows the trade to occur? – Able and Charlie decide to trade because they realized that they both needed what the other individual possessed. Charlie was tired of fishing all day because she was not catching enough to fulfill her hunger. She noticed that Able was able to catch plenty of fish in record time because he created a net that made it easier for him to catch his meals. Able noticed that Charlie had created a hat to protect her face from the sun, which gave him the idea that she should make him a shirt. When she objected, they had a discussion that would benefit both of them. Able decided to trade a few of his fish for a shirt that Charlie would make for him. The underlying assumptions that are made for this trade are that if both individuals receive something out of this transaction, they both will be satisfied and gain something from this transaction. Charlie realized from helping Able that she had a talent for weaving items, which she would eventually gain capital from.Response 2:) RyanIt is important for us to distinguish the marginal value from the total value, as both may appear similar, but, if treated the same, there will be unintended negative consequences. This distinction is important, because, if there is an abundance of a valuable resource, it makes the marginal value of the resource lower than the resource’s total value. When allocating resources to fund an industry or profession, it is essential to look at its marginal value as opposed to its total value. In the Eight guideposts we see where this distinction is important.In guidepost six, which talks about the secondary effects that can result from an economic move that overvalues a resource because of a high total value but has a lower marginal value. A resource being abundant that has a high demand and total value but remains at a low cost, does not mean that the value should be increased, as an increase in value would just make it scarce. This economically created scarcity would cause an otherwise abundant resource to be unable to satisfy a demand it is more capable of fulfilling.It is vital to allow for the free market to function without an interference aimed at creating a higher price on a resource with a high total value but a low marginal value. Scripture says, “The greedy stir up conflict, but those who trust in the Lord will prosper” (Proverbs 28:25, New International Version). Allowing for the market to function as it does and trusting in God that as long as the trade is fair for both sides, the trade is justified.
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