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Wants, Needs & Scarcity

Wants, Needs & Scarcity. University High School Mr. Barnett. Cathenne wants:. Kevin, Emilia, Dayanna want:. Tessa wants:. Joseph wants to:. Courtney wants:. Stephanie, Catalina, Chenxi want:. Michelle wants:. Timothy wants:. Charley wants:. Zac wants:. Elena wants:. Adrian wants:.

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Wants, Needs & Scarcity

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  1. Wants, Needs & Scarcity University High School Mr. Barnett

  2. Cathenne wants:

  3. Kevin, Emilia, Dayannawant:

  4. Tessa wants:

  5. Joseph wants to:

  6. Courtney wants:

  7. Stephanie, Catalina, Chenxiwant:

  8. Michelle wants:

  9. Timothy wants:

  10. Charley wants:

  11. Zac wants:

  12. Elena wants:

  13. Adrian wants:

  14. Caitlyn wants:

  15. Alexis & Fabian want:

  16. Daniella and Mei lin want

  17. Daniella, Natalie, Zack want:

  18. Kevin and Sergio want:

  19. Wants vs Needs • As you can tell we have unlimitedwants • 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

  20. Wants vs Needs • Society has unlimited wants but limitedresources • Thus, there is scarcity • Something is scarce if there is a limited amount of it • Scarcity occurs because we have virtually unlimited wants but limited resources

  21. 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 ..etcetc • These are called opportunity costs

  22. 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

  23. Opportunity Cost • Opportunity cost is the value of the next highest valued alternative or foregone cost. • Not necessarily monetary • Every decision that you will make in life involves opportunity costs

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