SCARCITY IB Economics EF International Academy Unit 1

SCARCITY IB Economics EF International Academy Unit 1: Why do we study economics?

Scarcity Humans’ wants and needs are infinite, while the resources needed to satisfy those wants and needs are limited and scarce. Something is scarce when it is both desirable and limited

Is this item scarce or not scarce? For each item on the screen, say whether it is scarce (desirable and limited) or not scarce (undesirable OR unlimited) Be ready to explain why!

Is this item scarce or not scarce? Computers Answer: Scarce

Is this item scarce or not scarce? Money Answer: Scarce

Is this item scarce or not scarce? Mosquitoes Answer: Not scarce

Is this item scarce or not scarce? Doctors Answer: Scarce

Is this item scarce or not scarce? Air Answer: Not scarce

Is this item scarce or not scarce? Happiness Answer: Not scarce

Is this item scarce or not scarce? Diamonds Answer: Scarce

Is this item scarce or not scarce? Love Answer: Not scarce

Is this item scarce or not scarce? Murderers Answer: Not scarce

Is this item scarce or not scarce? Oxygen Answer: Not scarce

Is this item scarce or not scarce? HIV Answer: Not scarce

Is this item scarce or not scarce? Dirt Answer: Depends!

Is this item scarce or not scarce? Football Players Answer: Scarce

Is this item scarce or not scarce? Sewing Machines Answer: Scarce

Is this item scarce or not scarce? Clouds Answer: Not scarce

So what? What does it matter that some things are scarce, and others are not? Why does scarcity matter?