scarcity

Which of these is NOT an example of a need?

• Water
• Food
• watch
• Shelter

What is a need?

• Nothing
• Something you have to have to live
• Something you would like to have
• Ice cream

Tags

CCSS.RI.7.2

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.8.1

CCSS.RL.9-10.2

What is a want?

• A person
• Something you would like to have but don't need to live
• Purple
• Something you need to live

Tags

CCSS.RI. 9-10.2

CCSS.RI.11-12.2

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.9-10.2

The definition of Scarcity is...

• An unlimited amount of resources to meet limited wants and needs
• A limited amount of resources to meet unlimited wants and needs.
• When people use time and energy to create events
• a city where individuals commit themselves to unlimited wants and needs

Is this shelter a want or a need?

• Want
• Need

Goods or services that are required. Examples: food, clothing, shelter

• Needs
• Wants
• Producer
• Supply

Someone who buys and uses goods and services

• Producer
• Consumer
• Spender
• Borrower

Why does scarcity exist?

• Wealthy private business owners keep all of the money for themselves.

• Governments control all the resources in society.

• There are unlimited needs and wants but limited resources from which to satisfy them.

• There are limited needs and wants but unlimited resources to satisfy them.

What does scarcity force societies to have to do?

• Make choices

• Make money

• Lose resources

• Have winners and losers.

A good that lasts three years or more when used on a regular basis is called a

• Capital Good
• Consumable Good
• Nondurable Good
• Durable Good