Wants, Needs & Scarcity University High School Mr. Barnett.
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Transcript of Wants, Needs & Scarcity University High School Mr. Barnett.
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Wants, Needs & ScarcityUniversity High SchoolMr. Barnett
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Cathenne wants:
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Kevin, Emilia, Dayanna want:
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Tessa wants:
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Joseph wants to:
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Courtney wants:
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Stephanie, Catalina, Chenxi want:
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Michelle wants:
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Timothy wants:
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Charley wants:
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Zac wants:
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Elena wants:
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Adrian wants:
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Caitlyn wants:
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Alexis & Fabian want:
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Daniella and Mei lin want
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Daniella, Natalie, Zack want:
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Kevin and Sergio want:
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Wants vs NeedsAs you can tell we have unlimited wants
A want is a desire, often psychologically motivated, for a particular item or thing
A need is something that is usually physiological necessary and has no adequate substitute
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Wants vs NeedsSociety has unlimited wants
but limited resources Thus, there is scarcitySomething is scarce if there is
a limited amount of itScarcity occurs because we
have virtually unlimited wants but limited resources
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Wants vs Needs Since there are limited
resources but unlimited wants, there is a cost for everything
The cost is not necessarily monatary
They can be social, environmental, psychological, emotional, physical ..etc etc
These are called opportunity costs
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So what is the definition of economics?Economics is the study of how individuals and society, experiencing virtually limitless wants, chooses to allocate its scarce resources to satisfy those wants
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Opportunity Cost Opportunity cost is the value
of the next highest valued alternative or foregone cost.
Not necessarily monetaryEvery decision that you will
make in life involves opportunity costs