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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

Wants, Needs & Scarcity

University High School

Mr. Barnett

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