PPT-Economics: Scarcity and Private Enterprise

Copyright Texas Education Agency 2011 All rights reserved Copyright and Terms of Service Copyright Texas Education Agency The materials found on this website are copyrighted and trademarked as the property of the Texas Education Agency and may not be reproduced without the express written permission of the Texas Education Agency except under the following conditions . 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. 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:. Production and . Opportunity Cost. Texas Council on Economic Education. Laura Ewing. Kindergarten Social Studies Economics Strand TEKS. (6)  Economics. The student understands that basic human needs and wants are met in many ways. The student is expected to:. 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:. : 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?. Even elite athletes, major universities, and professional team owners must make decisions based on limited resources.. A coach cannot assign a talented athlete to play two positions nor can he use his practice time to review every possible on-field contingency.. 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.. 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. Would you rather…. Study or go to the movies?. Eat a salad or French fries?. Buy a new phone or a new outfit?. How do you decide?. Economics. The study of scarcity and choice.. Economists ask: How do we satisfy our needs and wants by making choices?. Week -1. Prepared by: Dr . Waqar. Ahmad, . Asstt. . Prof.. Learning Objectives. What is Economics?. What is managerial Economics?. To analyze the concept of economics- scarcity and efficiency?. Micro Economics and macro economics?. 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. .