Wants needs scarcity
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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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