1. “I can’t have everything I want”.
“SCARCITY”
Occurs when:
Our Wants are greater than our resources
“I can’t have everything I want”.

2. It’s about RESOURCES Money Things Time Services and WANTS.
Scarcity
It’s about RESOURCES
Money
Things
Time
Services
and WANTS.

3. SCARCITY The inability of limited resources to satisfy people’s wants
YOU CAN’T HAVE EVERYTHING YOU WANT!
The inability of
limited resources
to satisfy people’s wants

4. Scarcity is the Villain!!!!!!

5. Some things that are not scarce
Air
Snow in some parts of the country
Garbage
Pollution
Dirt
Used gum
Pine cones in Wrightwood
Sand at the beach
Cowrie shells in Mombassa
Drunk drivers

6. The test of scarcity The resource has an alternative use.
People who want it have to give something up to obtain it.
A choice has to be made

7. Scarcity is not: Poverty Rareness Needs Scarcity is wants, not needs
all poor face scarcity
all who face scarcity are not poor
Rareness
a rare tropical disease
Needs
Scarcity is wants, not needs
You “need” to eat,
but you choose what, where, when you “want”
Your choice depends on ??

8. Some things that are scarce
Pencils
Yachts
Steaks
Movies
Economists
Dentists
Refuse collectors
Paper clips
Automobiles
Teachers
Shoes
Compact Disks
Computers
Computer programmers

9. Why do ....... some very good students get mediocre grades?
hospitals turn pregnant women away?
servers give less than perfect service?
colleges turn students away?
colleges have large classes?
colleges offer so few courses?
some parents spend little time with their children?

10. SCARCITY is the villain!

11. Why don’t....... we provide organ transplants for all who want them?
we prevent death from dirty air?
we educate all young children in their native language?
you study 24 hours a day?
you spend 24 hours a day with your loved one(s)?
you sleep more?

12. Scarcity is the Villain!!!!!!

13. Who is the villain when:
You don’t get the service you want at a restaurant?
You don’t get the service you want from the registrar?
You are put on hold by the secretary?
You don’t get tickets to the concert?

14. SCARCITY is the villain!

15. Do Rich People Face Scarcity?
Do they make choices?
Examples? & what is the scarce resource?
Where to go on vacation?
Which Rolex watch to purchase?
Which charity to give money to?
Does Bill Gates ever have to make choices?

16. Give examples of “Scarcity” faced by:
Your family?
Adults?
Teenagers?
Communities?
Schools?
How solve the problem?

17. Scarcity is a Universal Problem
Rich Athlete
Donald Trump
Joe or Jane Rockstar
Dr. Urmann
The President
Your parents

18. You can’t eliminate scarcity

19. But you can learn to deal with it!

20. Your reaction to scarcity?
Yell, scream, whine, moan, whimper
Accept scarcity and see if there is anything you can do to change, or live with the situation

21. Examples of Not Accepting Scarcity?
I’ll put it on the credit card.
I’ll get up early to study.
I need a new car; I can get a loan.
Let’s go to Vegas.

22. When did you choose NOT to accept scarcity?

23. It’s about RESOURCES Money Things/Energy Time Services and WANTS.
Scarcity
It’s about RESOURCES
Money
Things/Energy
Time
Services
and WANTS.

24. “Scarcity” “ECONOMICS” One of the most important concepts in THE END
Go to instructional videos & the next Scarcity Lecture