scarci̇ty
DESCRIPTION
TRANSCRIPT
SCARCİTY
Nevroz Gösterici
What causes scarcity?
1) Seemingly unlimited wants 2) Limited (Finite) Resources
Unlimited wants + Limited resources = SCARCITY
ECONOMICS
General economic theory = relies on assumption that resources are limited
General Definition: Study of people producing and exchanging to get the goods and services they want. It is a social science that describes and analyzes how society chooses among scarce resources to satisfy its unlimited wants.
BASIC ECONOMIC FLOW CHART
Limited ResourcesUnlimited Wants and Needs
SCARCITY
? ? ?
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FACTORS OF PRODUCTION
Resources = Basic elements used to produce goods and
services.
1. Natural Resources
2. Human Resources
3. Capital Resources
4. Entrepreneurship
1. NATURAL RESOURCES- “Gifts of Nature”- Air, sunlight, forests, earth, water and minerals are
all classified as land, as are all manner of natural forces or opportunities not created by humans.
- Every tangible good is made of natural resources…implications?
2. HUMAN RESOURCES - “Labor” Taking natural
resources and exerting human force to fulfill our wants and needs
Converting Natural resources to human satisfactions
3. CAPITAL RESOURCES
Buildings, tools, and machines people use to produce other goods and services.
4. ENTREPRENEURSHIP
Imaginative thinking, willing to take risks, and the management and organizational skills needed to operate a business
Three Fundamental Questions
1. WHAT TO PRODUCE?
Fruits and veggies? Sugar Cane? Manufactured Goods?
Three Fundamental Questions
2. How to produce?Machines? Workers?Exploiting Children?Exploiting Workers
Abroad?
Three Fundamental Questions
3.For whom to produce? Developing world?Malnourished? Developed world?
Affluent societies?
Notice
Scarcity is not a Shortage!
A shortage occurs when a good or service is not being produced or offered in a given situation. It is not a permanent condition! It can be corrected as additional resources or
production becomes available. Scarcity is Permanent! Individuals will always want
more than they can have.
Thank you…
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