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UNIT ONE: Toward Independence

Lesson 45

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ECON 101: THE PROBLEM OF SCARCITY AND THE IMPORTANCE OF CHOICE

LEFT SIDE
PAGE 96

1
WARM UP!

What does the title of this lesson lead you to think?

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4
Draw and Label a Picture that Illustrates the "Problem of Scarcity".

Use at least THREE colors.
Write a caption to explain your drawing.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6
Draw and Label a Picture that Illustrates the "Importance of Choice".

Use at least THREE colors.
Write a caption to explain your drawing.

RIGHT SIDE
PAGE 97

 
 
 
 
 
 
 
2
OBJECTIVE:
  • Explain the purpose of an economy.

3
NOTES:
The Basics of Economics

  • The Siutation - Houston, We Have a Problem with Scarcity!
    • Remember, Resources are
      • Anything that can be used to satisfy a need or desire
    • Scarce Resources
      • A resource is SCARCE if the amount people desire exceeds the amount that is available
    • Unlimimted Wants
      • The Example of the Genie
      • People will always want more and more

 
 
 
 
 
 
 
 
5
  • The Importance of Choice
    • A Choice Is Required
      • Unlimited Wants but Scarce Resources creates a dilemma
        • How do we BEST use our scarce resources?
          • What goods and services will be produced?
          • How will the goods and services be produced?
          • Who will get the goods and services?
    • An Economic System is the different ways a society ANSWER the what, how, and whom questions.

Add the Following Items to Your Glossary (105-107)
 
Supply
Demand
Scarcity