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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

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