1. What is the Problem Faced by the Bears Family? Why can’t bear cubs have everything? Why can’t bear cubs have everything? Why can’t Mom & Pop Bear give cubs everything?? Why can’t Mom & Pop Bear give cubs everything?? Why can’t you have everything Why can’t you have everything

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

3. If only it we could!

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

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

6. Scarcity is the Villain!!!!!!

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

8. 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

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

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

11. Why do....... some very good students get mediocre grades? some very good students get mediocre grades? hospitals turn pregnant women away? hospitals turn pregnant women away? servers give less than perfect service? 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?

13. Why don’t....... we provide organ transplants for all who want them? we provide organ transplants for all who want them? we prevent death from dirty air? we prevent death from dirty air? we educate all young children in their native language? 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?

14. Scarcity is the Villain!!!!!!

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

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

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

19. Scarcity is Pervasive Rich Athlete Rich Athlete Donald Trump Donald Trump Joe or Jane Rockstar Joe or Jane Rockstar Dr. Urmann Dr. Urmann The President The President Your parents Your parents

20. You can’t eliminate scarcity

21. But you can learn to deal with it!

22. We see the Bear cubs both ways 1 st : Not accepting scarcity 1 st : Not accepting scarcity 2 nd : Accepting scarcity 2 nd : Accepting scarcity

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

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

25. When did you choose NOT to accept scarcity?

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

27. “Scarcity” One of the most important concepts in One of the most important concepts in“ECONOMICS” “The Study of humankind making a living” “The Study of humankind making a living”