Grade 10, Unit 1, Scarcity

Tasks: Submit on Tuesday 29, 2008: 1. Activity 1 Page 4.

The Nature of Scarcity Scarcity: A situation where there is not enough to satisfy everyone’s wants. People would like to have more goods and services.

The Continuing Nature of Scarcity Scarcity continues to exist. The growth in wants is exceeding the growth of economic resources. People want more products than the resources available can produce.

The Economic Problem Arises because of scarcity. They are infinite for people’s wants. Ex : - wants better clothing, - wants better health care, - wants improved transport infrastructure. But resources (workers, machines, offices, factories, raw materials, land) are limited.

Evidence of the Existence of Scarcity The fact, people have to choose: - which products to buy. - which subjects to study. - what jobs to do.