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FrontPage : What is the most important resource in the Middle East? Why?

FrontPage : What is the most important resource in the Middle East? Why?. SNACK-ADIUM. Last Word: SR 1.1 and 1.2 due Tuesday. Scarcity, Shortages and Choice. Chapter 1, Section 1 Academic Economics. Scarcity. Everything that exists is limited.

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FrontPage : What is the most important resource in the Middle East? Why?

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  1. FrontPage: What is the most important resource in the Middle East? Why? SNACK-ADIUM Last Word:SR 1.1 and 1.2 due Tuesday

  2. Scarcity, Shortages and Choice Chapter 1, Section 1 Academic Economics

  3. Scarcity Everything that exists is limited People have unlimited wants, and also have competing uses for the resources that can be used to produce anything Thus, this “scarcity” of resources is the basic problem of economics.

  4. Competing Uses For Resources • What all can you do with the following items? (try to name 2-3 things) • Oil • Corn • Steel • Time • Glass

  5. Shortages • Temporary situations • Usually occurs after a natural disaster or other “crisis” event • What was in short supply or in need before or after Hurricane Sandy? • Occupations? • Materials? • Food?

  6. Scarcity and Choices Due to scarce resources, and competing uses for those resources, people are forced to make choices about what they will use their limited resources for.

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