Scarcity

Scarcity means:

• Too much of something you wanted

• The exact amount of something you wanted

• Not enough of something you wanted

What is an economic want?

• Things people need in order to survive.

• Things people would like to have.

• Things people don't want anymore.

If 5 people want an ice-cream, is there a scarcity?

• Yes, there is a scarcity.

• No, there is not a scarcity.

If 6 people want a pencil, is there a scarcity?

• Yes, there is a scarcity.

• No, there is not a scarcity.

If 8 people want a stuffed animal, is there a scarcity?

• Yes, there is a scarcity.

• No, there is not a scarcity.

If 3 people want a candy bar, is there a scarcity?

• Yes, there is a scarcity.

• No, there is not a scarcity.

If 2 people want a soccer ball, is there a scarcity?

• Yes, there is a scarcity.

• No, there is not a scarcity.

What will probably happen if something people want to buy is scarce?

• The price will go up.
• The price will go down.
• You will be able to get it for free.

Every time we go shopping we make _______.

• choices
• money
• products

What is it called when there is a lot of something

• scarcity

• spending

• budget

• abundance