Lesson 3 We Can’t Have EVERYTHING We Want

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Lesson 3 We Can’t Have EVERYTHING We Want Scarcity Lesson 3 We Can’t Have EVERYTHING We Want

Scarcity The condition of not being able to have all of the goods and services that you WANT We live in a world of scarcity. This means that the collective desire of individuals for goods and services exceeds the productive resources (natural, human, & capital) available to satisfy those desires.

Scarcity In other words, the things of VALUE that people WANT are virtually unlimited, while the productive resources (natural, human, & capital) necessary to produce these things are LIMITED.

Basic Economic Problem Every society, rich or poor must determine how to best use its scarce (limited) productive resources (natural, human, & capital) to produce goods and services.

Scarcity The goods and services that are produced from scarce productive resources are themselves scarce. Furthermore, the differ in their degree of scarcity. Those which are HIGHLY valued and which are more LIMITED in supply are relatively more scarce than those which are not highly valued and which are more abundant in supply

Scarcity Differences in PRICES, which measures the exchange value of one good or service compared to another, reflect relative scarcity. This is why automobiles cost more than pencils and why the salary of basketball star LeBron James is higher than the salary of a teacher or electrician.