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SCARCITY

SCARCITY. Your definition- Your ideas of what is scarce – Definition: the limited availability of a good/resource in a particular region Is Air Scarce? Is Clean Air Scarce? …..so scarcity leads to tradeoffs and opportunity costs. Tradeoffs

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SCARCITY

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  1. SCARCITY • Your definition- • Your ideas of what is scarce – • Definition: • the limited availability of a good/resource in a particular region • Is Air Scarce? • Is Clean Air Scarce? • …..so scarcity leads to tradeoffs and opportunity costs

  2. Tradeoffs • - in order to gain 1 of x, must give up some of y • Opportunity costs • -the value of the next-highest-valued alternative use of that resource. • The “cost” of choosing x is to give up y • If, for example, you spend time and money going to a movie, you cannot spend the time and money on something else.

  3. If there were no SCARCITY, would there be tradeoffs or opp. costs? • ….so without scarcity, there would be no decisions to make…. • ….so there would be no study of …… • Economics

  4. Reasons for Scarcity Your thoughts….. 1. Depletion of natural resources • Harvesting of resources outpaces the replacement of these resources (mining, fishing, logging, etc.) • Increase in demand – often caused by an increase in population or production 2. Human population growth increases the need for certain resources, such as food/water • Rise in demand for products can lead to its scarcity in the market (Newest tech gadget / game / Tickle Me Elmo)

  5. Facts About Water • Every day 4,500 children under age 5 die after falling sick because of unclean water and sanitation (U.N. figure) • 5x as many children die each year of diarrhea as of HIV/AIDS • 1/3 of world population endures some type of water scarcity • 1/6 people have no access to clean water within 1 km of home • ½ of all people in developing nations have no access to proper sanitation • Water is CRITICAL for life and livelihoods

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