Econ 1.2 Scarcity

​

Learn why we will never be happy.

​Our Objective Today…

​But first...

Multiple Choice

Which principal of economic thinking is illustrated by the cartoon?

• People choose

• Choices have costs

• People gain from voluntary trade

• People respond to incentives

Multiple Choice

Which of the following challenges do all economic systems face?  How to…

• balance imports and exports

• save money and reduce the debt

• make the best use of scarce resources

• balance the government’s budget

Multiple Choice

Which of the following is not a fundamental economic principle?

• People gain from voluntary trade.

• Free goods have a cost to the government

• People’s choices involve costs.

• Incentives influence people’s choices.

​II The Basic Economic Problem

Multiple Choice

According to the cartoon, in 2011, the world's population hit 7 million.

• True

• False

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​Back to the cartoon...

Multiple Choice

The man holding the bottle was wearing glasses.

• True

• False

Multiple Choice

According to the cartoon, there are not enough...

• water

• resoures

• people

• champagne

Multiple Choice

When there is a lack of enough resources, this is known as...

• a plethora

• abundance

• scarcity

• profusion

​A) Scarcity –

​II The Basic Economic Problem

Open Ended

What is YOUR definition of scarcity?*

(*5 words or fewer)

Fewer - when you are talking about countable nouns

Less - when you are not talking about countable nouns

Fewer or Less?

​A) Scarcity – when needs or wants are greater than resources

​II The Basic Economic Problem

Multiple Choice

What is the economic definition of scarcity?

     

• A situation in which something is rare

• A situation in which something is hard to find.

• Lack of enough resources to satisfy our wants.

• A situation in which something is

      expensive

​A) Scarcity - Not enough resources

​

Exists b/c

​

1.

2.​

​II The Basic Economic Problem

Multiple Choice

According to the cartoon, this man is never...

• Nice

• Satisfied

• Happy

• Good

Poll

Humans are, for the most part, never satisfied?

• Strongly Agree

• Agree

• Disagree

• Strongly Disagree

Multiple Choice

Followers of which system believe that the desire for more needs to be eliminated?

• Capitalism

• Consumerism

• Buddhism

• Hedonism

​A) Scarcity - Not enough resources

​

Exists b/c

​

1. Unlimited Wants

2. ​

​II The Basic Economic Problem

Fill in the Blanks

​A) Scarcity - Not enough resources

​

Exists b/c

​

1. Unlimited Wants

2. Limited Resources ​

​II The Basic Economic Problem

​On the next slide is your

Ticket Out the Door.

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