Scarcity occurs when there is fewer resources than are needed to fill human needs and wants. Consumers need to make a decision as to what they choose to use their resources on. The opportunity cost of this decision is the value of the product that you have chose not to have. These resources can be natural, human or capital resources. Scarcity is the basic economic problem.
Class Discussion: What is Scarcity? Can you think of a time during Covid that certain shopping items became scarce?
Create a Powtoon presentation, with a partner, explaining the biggest economic problem, scarcity, to someone that has never heard of it before.Include: (5 Slides) Slide 1 - Title Slide 2 - A definition of scarcity. Slide 3 - An example of scarcity that clearly explains each in a real life situation which would affect the community. Slide 4 - A definition of opportunity cost Slide 5 - An example of opportunity cost that clearly explains each in a real life situation which would affect the community. *** Extra Slides can contain Consumers, Needs & Wants, Resources etc.