1. Scarcity

2. On a piece of paper…
Write down five items that you would buy if money were no object
It can be anything you want
Remember, money is no object
Literally anything
Order the items from the one that you would want the most (1) to the ones that you would want slightly less (5)

3. Results: Overall
Car/Vehicle
House
Vacation
Experience
Boat/PWC
Other

4. Results: First Choice Car/Vehicle House Vacation Experience Boat/PWC
Other

5. Discussion… Why did you choose the items that you chose?
Looking at your list, are your items WANTS or NEEDS?

6. Scarcity
Unlimited wants, limited resources

7. Needs
Things that are required for life, such as food, water, etc.

8. Wants
Things that humans may desire but that are not necessary to live, such as a yacht

9. Economics
The study of how people choose to satisfy unlimited wants and needs with limited resources

10. Market
Place where buyers and sellers can exchange goods and services