1. Slide
60 seconds
Scarcity is the lack of resources to meet our needs and wants. It exists when the demand for something is greater than the supply. Scarcity leads to competition and tough choices about how to use resources.
What is Scarcity?
2. Slide
60 seconds
Scarcity is the fundamental economic problem of having limited resources while unlimited wants exist. Scarcity is not the same as poverty. Poverty is a condition of having a very low level of income or resources, while scarcity is the lack of resources regardless of income. Scarcity can also be a blessing in disguise. Scarcity encourages innovation and invention, as people must find ways to use fewer resources to get the same amount of output.
Did you know?
3. Word cloud
120 seconds
What is the definition of scarcity?
4. Slide
60 seconds
Take notes into your book.
5. Personalised Feedback
360 seconds
How does scarcity of resources impact decision-making at both an individual and societal level?
6. Open question
180 seconds
Work together in pairs: What are some strategies people can use to manage scarce resources?
7. Drawings
450 seconds
Brain break: Draw a silly monster with wacky eyes and twisty antennas on its head
8. Poll
60 seconds
What is scarcity?
- A situation where all needs and wants are easily fulfilled
- A situation where there is an unlimited supply of resources
- A situation where there is a shortage of resources
9. Poll
60 seconds
Which of the following is an example of scarcity?
- Limited availability of clean water in a drought-stricken region
- Unlimited access to electricity for everyone
- Abundance of food in a well-stocked supermarket
10. Poll
60 seconds
Scarcity occurs because:
- Resources are abundant, but human wants and needs are limited
- There is no relationship between resources and human wants
- Resources are limited while human wants and needs are unlimited
11. Poll
60 seconds
What does the term 'opportunity cost' refer to in relation to scarcity?
- The concept that all human wants can be fulfilled simultaneously
- The value of the next best alternative that must be given up when making a choice
- The total amount of available resources
12. Poll
60 seconds
How does scarcity impact economic decision-making?
- It eliminates the need for prioritization or planning
- It ensures that all needs and wants can be met without any trade-offs or sacrifices
- It forces individuals, businesses, and societies to make choices about how to allocate scarce resources
13. Poll
20 seconds
Have you achieved the success criteria?
- Definitely achieved ✅
- I think I've got it ✨
- Need more practice 📚
- Confused 😕
- Don't have a clue🤔
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