What is Scarcity?
9/9/11
Scarce (Scarcity)-is the problem Economics is based on.
Scarcity exists because we don't have enough resources
to produce all the goods and services necessary to satisfy
every need and want we have.
No matter how much people have they always want
something more.
Wants-are desires that can be satisfied by consuming a good
or a service
Needs-are things such as food, water, shelter, that are
necessary for people to survive
***Activity***
-Get in groups of 2-3, You have 5 Minutes
-Come Up with 5 wants you have
-How does scarcity affect those wants?
Examples of things that are scarce
Who does scarcity affect?
Scarcity 11-12 Per 8 Page 1
Consumers-is someone who buys or uses goods or services
Producers-is a maker of goods or a provider of services
Exit Question: Why does scarcity exist?
Scarcity 11-12 Per 8 Page 2