PPT-When faced with SCARCITY of resources, decisions have to be

Tradeoffs Opportunity Costs TradeOffs This is the decision making process that is occurring in your mind right now Am I going to pay attention to what Mr Nagelhout is saying or am I going to daydream . Red-faced Malkoha ꤀ Lester PereraDistribution and HabitatWithin Sri Lanka, the range of the Red-faced Malkoha has been contracting for many years, in parallel with the drastic reduction in fore 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:. SCARCITY- The condition that results from society not having enough resources to produce all the things people would like to have.. What comes to mind when you think of something that is scarce?. ECONOMICS- the study of how people try to satisfy unlimited wants through the careful use of relatively scarce resources.. 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?. ECONOMICS OF SCARCITY. Areas. Area. Land. mass. Pop. Cult. land. Prot. . $. Per cap $. Africa. Asia. Europe. Latin Am. Australia/Oceania. North America. Antarctica. Land mass each area comprises. Area. 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. Chapter 1.1. Choices and Decision Making:. The study of economic begins with the idea that people cannot have everything they . need. and . want. .. Need. : . Anything that is necessary for survival.. ECO23/PSY23 Behavioral Economics. Udayan. Roy. A Behavioral Economics Approach to the Poor. Scarcity: Why Having Too Little Means So Much. By . Sendhil. . Mullainathan. and . Eldar. . Shafir. , Times Books, 2013. Scarcity (pg. . 16). Literacy Rate (pg. 3). Standard of Living (pg. 2). Natural Resources (pg. 14). Push & Pull Factors. Literacy Rate - Standard of Living - Agriculture - Natural Resources – Scarcity – Movement & Migration. 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. .