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Warm-Up If you could have anything in the world, what 10 things would you choose? Make a list on a scratch sheet of paper. Your only restriction is that.

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Presentation on theme: "Warm-Up If you could have anything in the world, what 10 things would you choose? Make a list on a scratch sheet of paper. Your only restriction is that."— Presentation transcript:

1 Warm-Up If you could have anything in the world, what 10 things would you choose? Make a list on a scratch sheet of paper. Your only restriction is that it must be things that actually exist (no unicorns, fairies, goblins, etc.). New TOC Entry Scarcity 3/5/15 pg (back of page from yesterday for notes)

2 SWBAT define scarcity SWBAT explain how scarcity affects our ability to get things that we want

3 Announcements Turn in your Arab Spring notes and reflection questions!!!

4 Scarcity Why can’t we have everything that we want?
We have unlimited wants… Wants = things that we desire to have

5 …but we have limited resources
Resources = the things needed to produce the products that we want Choose an object from around the room and discuss with a partner – what resources went into making that product?

6 The problem = Scarcity There are not enough resources out there for everyone to have everything that they want. Scarcity = the condition that exists when unlimited wants meets limited resources

7 Why is it so hard to get into some colleges?
Why are Bugattis so expensive? Why does the world have so much crime? Why do I have to interview for jobs? Why are some people in the world starving? Why are some paintings worth more than others?

8 How do we decide who gets what?
We need a rationing device A way to decide who gets what portion of the goods available Money is the most common rationing device in our society.

9 Economic facts of life Scarcity – combination of unlimited wants and limited resources Scarcity creates the need for a rationing device People compete for the rationing device

10 Independent Work Scarcity and Opportunity Cost (review from yesterday!) It should say “A Nurses’s Care” in the box.


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