PPT-Strand 3 3.1 Explain how scarcity of economic resources results in individuals having

Learning Intentions Define the term economics Explain the term Economic Resources Identify and outline the Factors of Production Describe how business use the Factors of Production Explain how scarcity choice and opportunity impact on the Factors of Production. Scarcity. The . basic economic problem that arises because people have unlimited wants but resources are limited. Because of scarcity, various economic decisions must be made to allocate resources efficiently. . : Find your seat on the paper at the front of the room…. The Last Word. : . No homework. FrontPage. : . NNIGN – sit down and relax.. . The Last Word. : No homework . . What do these people want?. SSEF1. SSEF1 The student will explain why limited productive resources and unlimited wants result in scarcity, opportunity costs, and tradeoffs for individuals, businesses, and governments. . a. Define scarcity as a basic condition that exists when unlimited wants exceed limited productive resources. . Doug Murray. 3/22/2016. Agenda. Changes to Current Trends Scenario. Scenario Results. Status of Remaining Scenarios. Current Trends Changes Since February RPG. Retirements/Options to solve scarcity hours. Unit 1 Lesson 2. What are some examples of scarcity?. SCARCITY. Scarcity.  is a condition where there is less of something available than at least some people would like to have if they could have them at no cost to themselves. Because the total quantity of goods and services that people would like to have always far exceeds the amount which available economic resources are capable of producing in all known human societies, people must constantly make choices about which desires to satisfy first and which to leave less than fully satisfied for the time being. That is, they must constantly decide how best to allocate (apportion or distribute) the scarce resources available to them among the various alternative uses to which they can be put. Thus, scarcity is the fundamental condition that gives rise to the patterns of choosing behavior whose study constitutes the main focus of the academic discipline of economics.. What is Economics About?. Scarcity and Choice. Scarcity and choice are the two essential ingredients . of an economic topic.. Goods are scarce because desire for them far outstrips their availability from nature.. 1. 1. 1. 1. 1. 1. What is . Economics About?. Scarcity and Choice. Scarcity. and choice are the two essential ingredients of an economic topic.. Goods are . scarce. because desire for them far outstrips their availability from nature.. absolute advantage . capital . command economy . comparative advantage. consumer goods . consumer sovereignty . economic growth . economic problem . Investment. Productive resources. . http://nanosense.sri.com/activities/finefilters/watercrisis/FF_Lesson1Teacher.pdf. . (in class). World Water gap. http://www.grida.no/publications/vg/water2/page/3240.aspx. (in class). Many people live in water stressed regions. TINSTAAFL. What do these letters stand for?. THERE IS NO SUCH THING AS A FREE LUNCH. The more a business gives away for “FREE” it must make up for by charging higher prices for other items. Free?. Fundamental Economic Concepts. Chapter One. What is Economics. ?. The Study of how people try to satisfy what appears to be seemingly unlimited and competing wants through the careful use of relatively scarce resources.. Chapter 1: What is Economics? . Lesson 1: Scarcity and the Science of Economics. Students will know:. Societies do not have enough productive resources to satisfy everyone’s wants and needs, so they must make choices about what, how, and for whom to produce.. Scarcity and Choice. Scarcity and choice are the two essential ingredients . of an economic topic.. Goods are scarce because desire for them far outstrips their availability from nature.. Scarcity forces us to choose among available alternatives. . Prepared by. Dr. Ranjit Basumatary. HOD &Assistant Professor. Department of Economics. Bengtol College. Economic problem is basically the problem of making choices in the use of scarce resources for satisfaction of unlimited wants. .