Living in a World of Scarcity

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Presentation transcript:

Living in a World of Scarcity Consequences of Living in a World of Limited Resources

We Live in a World of Scarcity We have unlimited wants, but our resources are limited As a result of scarcity, we need to make choices about how we use our limited resources http://1.bp.blogspot.com/-EYH1KvU4WRM/T9a032t0l7I/AAAAAAAAAMo/k0EiLl2hacs/s1600/scarcity+pockets.PNG

We Live in a World of Scarcity Opportunity Cost The most valued opportunity or alternative we give up when we make a choice Example When I went to the store I saw a blue tie and a red tie that I wanted to buy. I chose the red tie - so the opportunity cost of that decision was not having the blue tie

Consequences of Scarcity - The Need for a Rationing Device Because of scarcity, a rationing device is needed to determine who gets what portion of all the resources and goods available In most societies, money is used as a rationing device http://csmres.co.uk/cs.public.upd/article-images/US-currency.jpg

Consequences of Scarcity - Competition Because people compete for the rationing device, competition is a consequence of scarcity In a competitive world some people do very well, others do okay, others do quite poorly http://joannameriwether.com/wp-content/uploads/2012/04/arm-wrestling.jpg