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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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Wants needs scarcity

Wants, Needs & Scarcity

University High School

Mr. Barnett

Cathenne wants

Cathenne wants:

Kevin emilia dayanna want

Kevin, Emilia, Dayannawant:

Tessa wants

Tessa wants:

Joseph wants to

Joseph wants to:

Courtney wants

Courtney wants:

Stephanie catalina chenxi want

Stephanie, Catalina, Chenxiwant:

Michelle wants

Michelle wants:

Timothy wants

Timothy wants:

Charley wants

Charley wants:

Zac wants

Zac wants:

Elena wants

Elena wants:

Adrian wants

Adrian wants:

Caitlyn wants

Caitlyn wants:

Alexis fabian want

Alexis & Fabian want:

Daniella and mei lin want

Daniella and Mei lin want

Daniella natalie zack want

Daniella, Natalie, Zack want:

Kevin and sergio want

Kevin and Sergio want:

Wants vs needs

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

Wants vs needs1

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

Wants vs needs2

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

So what is the definition of economics

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

Opportunity cost

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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