Political economy contextualizing economic provision of goods and services. Power shapes how economic provision takes place, what gets consumed. Political economy embraces many theories within economics relating to ways of thinking about economic provision. They way in which one understands the economy influences the way in which he thinks about the problems with the economy and their respective solutions. Essay march 24th based on alternative trade book: on blackboard + paper copy in class(?, 2% per day from the assignment late penalty, double spaced. The study of how individuals, firms, and gov"ts make choices about the allocation of scarce resources in order to satisfy unlimited wants. Some people in one caste/gender/ethnic group may have more choice than people in another group. Scarcity: over 2 billion people suffer from some sort of scarcity in food (malnutrition + food insecurity). But in the world there is sufficient food to feed 150% of population.