You come across a wallet on the street with a large amount of cash inside. What would you do?
- Keep the money and use it for yourself
- Return the wallet with all the cash intact
If you could only eat one food for the rest of your life, would you choose pizza or sushi?
You have the opportunity to either travel back in time or travel to the future, but there's a catch. If you choose to travel back in time, you can only observe and not interact with anyone or anything. If you choose to travel to the future, you can bring back one piece of technology, but it will be completely useless in the present. Which option do you choose?
- Travel back in time and observe history
- Travel to the future and bring back useless technology
You have the opportunity to travel back in time. Would you rather witness the construction of the Great Pyramid of Giza or the signing of the Declaration of Independence?
- Witness the construction of the Great Pyramid of Giza
- Witness the signing of the Declaration of Independence
"I can identify scarcity and why is exists."
In one sentence, how do we define scarcity?
Work together in pairs: What is an example of a good or service that is scarce and why?
What are some examples of scarcity that you have personally experienced in your daily life, and why do you think scarcity exists in our society?
During a drought, there is a limited amount of water available for irrigation. Farmers must carefully prioritize their crops and use water-saving techniques to ensure they have enough water for their most important crops.
During a drought, farmers have limited water resources to irrigate their crops, leading to a scarcity of fresh produce and causing prices to increase in the market.
During a Black Friday sale, there is a limited supply of discounted TVs. Shoppers line up early and rush to grab the TVs because they know there won't be enough for everyone. This creates scarcity as the demand exceeds the available quantity.
During a limited-time sale, there are only 50 discounted smartphones available for purchase. As a result, customers rush to buy them, creating scarcity as the demand outweighs the supply.
Scarcity is the lack of enough resources to meet people's needs and wants. It exists when people have unlimited wants but limited resources to meet those wants. Scarcity forces people to make choices and trade-offs because they cannot have everything they need.
Understanding Scarcity and Its Causes
Scarcity: The limited availability of a commodity or resource, making it valuable and sought after. Opportunity Cost: The cost of an alternative that must be forgone in order to pursue a certain action. Supply and Demand: The relationship between the quantity of a good that producers wish to sell at a certain price and the quantity of that good that consumers wish to buy.
Work together in pairs: What is one example of how scarcity affects people's lives and why is it important to understand this concept?
Brain break: Draw Toast with googly eyes and stick arms doing a dance move
What is scarcity?
- A condition where resources are limited and wants are unlimited
- A situation where wants are limited and resources are unlimited
- An abundance of resources and wants
Which of the following is an example of scarcity?
- Unlimited time to complete a task
- A limited number of concert tickets for a popular band
- Unlimited supply of food in a buffet
Why does scarcity exist?
- Inefficient production processes
- Limited availability of resources
- Excessive demand for goods
Which economic concept is closely related to scarcity?
- Opportunity cost
How does scarcity impact decision-making?
- Eliminates the need for decision-making
- Forces individuals to make choices based on their priorities
- Allows everyone to have access to unlimited resources