This ppt tells how scarity is existing in the whole for IGCSE grade 9 students so have fun

1. SCARCITY
What is scarcity?
Meaning of scarcity
The existence of scarcity
The economic problem
Evidence of the existence of scarcity

2. WHAT IS SCARCITY?
• Scarcity is the fundamental economic problem of having seemingly
unlimited human wants in a world of limited resources. It states
that society has insufficient productive resources to fulfill all human wants
and needs. A common misconception on scarcity is that an item has to be
important for it to be scarce. However, this is not true, for something to be
scarce, it has to be hard to obtain, hard to create, or both. Simply put, the
production cost of something determines if it is scarce or not. For
example, although air is more important to us than diamonds, it is
cheaper simply because the production cost of air is zero. Diamonds on
the other hand have a high production cost. They have to be found and
processed, both which require a lot of money. Additionally, scarcity
implies that not all of society's goals can be pursued at the same
time; trade-offs are made of one good against others. In an influential
1932 essay, Lionel Robbins defined economics as "the science which
studies human behavior as a relationship between ends and scarce means
which have alternative uses."

3. THE EXISTENCE OF SCARCITY
• Scarcity exists because mankind hasn't yet figured out how to use
his mind to tap into the quantum field and duplicate matter the way
Jesus did. It can be done. We just have to figure out how to do it. I
think we're pretty close to it, myself. You've already likely had
audible manifestations from the quantum field when listening to a
CD you've heard a hundred times before, then one day your mind
wanders and suddenly the CD sounds fantastic... like it's got a whole
new section of music you've never heard before. Well, that's not on
the CD. That is actually created by your own mind when you're not
aware of it. Your own mind interacts with the quantum field and
creates electrical impulses in your brain that mesh with the ones
created by the actual sound waves hitting your eardrums in the car.
So you actually do "hear" the music, but you hear it directly inside
your brain via electrical impulses.

4. THE ECONOMIC PROBLEM
• Making a choice made normally involves a trade-off – this
means that choosing more of one thing can only be
achieved by giving up something else in exchange.
• Housing: Choices about whether to rent or buy a home –
there are costs and benefits to renting a property or in
choosing to buy a home with a mortgage. Both decisions
involve risk. People have to weigh up
the costs and benefits of the decision.Working: Do you
work full-time or part-time? Is it worth your while
studying for a degree? How have these choices
been affected by the introduction of university tuition
fees?Transport and travel: The choice between using
Euro-Tunnel, a low-cost ferry or an airline when travelling
to Western Europe.

5. EVIDENCE OF EXISTENCE OF SCARCITY
• COPPER [CU]
Currently copper prices are at record highs. the sudden
jump in prices have prompted dozens of people to rob
buildings of copper. That stopped after two people
robbed a building that the SWAT just happened to be
in. But in other cities it continues on.
Copper's prices has jumped up because there is more
demand and less supply. If supply equaled demand,
then the price would stay the same, if there were more
supply than demand, then copper would be really
cheap.
Copper is now scarce in the US, prompting prices to go
up.