Wants needs scarcity
Download
1 / 23

Wants, Needs & Scarcity - PowerPoint PPT Presentation


  • 126 Views
  • Uploaded on

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:.

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about ' Wants, Needs & Scarcity' - garan


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
Wants needs scarcity

Wants, Needs & Scarcity

University High School

Mr. Barnett


Cathenne wants
Cathenne wants:


Kevin emilia dayanna want
Kevin, Emilia, Dayannawant:









Zac wants
Zac wants:






Daniella and mei lin want
Daniella and Mei lin want


Daniella natalie zack want
Daniella, Natalie, Zack 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


ad