1. Wants, Needs & Scarcity University High School Mr. Barnett

2. Cathenne wants:

3. Kevin, Emilia, Dayanna want:

4. Tessa wants:

5. Joseph wants to:

6. Courtney wants:

7. Stephanie, Catalina, Chenxi want:

8. Michelle wants:

9. Timothy wants:

10. Charley wants:

11. Zac wants:

12. Elena wants:

13. Adrian wants:

14. Caitlyn wants:

15. Alexis & Fabian want:

16. Daniella and Mei lin want

17. Daniella, Natalie, Zack want:

18. Kevin and Sergio want:

19. Wants vs Needs  As you can tell we have unlimited wants  A want is a desire, often psychologically motivated, for a particular item or thing  A need is something that is usually physiological necessary and has no adequate substitute

20. Wants vs Needs  Society has unlimited wants but limited resources  Thus, there is scarcity  Something is scarce if there is a limited amount of it  Scarcity occurs because we have virtually unlimited wants but limited resources

21. Wants vs Needs  Since there are limited resources but unlimited wants, there is a cost for everything  The cost is not necessarily monatary  They can be social, environmental, psychological, emotional, physical..etc etc  These are called opportunity costs

22. So what is the definition of economics?  Economics is the study of how individuals and society, experiencing virtually limitless wants, chooses to allocate its scarce resources to satisfy those wants

23. Opportunity Cost  Opportunity cost is the value of the next highest valued alternative or foregone cost.  Not necessarily monetary  Every decision that you will make in life involves opportunity costs