Scarcity, wants, & needs
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The document discusses several economic concepts related to scarcity including unlimited wants and needs, choice, opportunity cost, and production possibility frontier. It explains that while scarcity is permanent, shortages can be temporary when supply does not meet demand. Due to limited resources, societies cannot satisfy all goods and wants so choices must be made about allocating resources.
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The basic economic problem is that human wants are unlimited while resources are scarce. This means that societies must make choices about how to allocate scarce resources between alternative uses to best satisfy people's needs and wants. The opportunity cost of a choice is the value of the best alternative forgone, or what is given up by making that choice. Production possibility curves illustrate this problem by showing the tradeoffs involved - producing more of one good requires producing less of another since resources are limited.
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The document discusses the economic problem of scarcity. It explains that scarcity exists because resources are limited while wants are unlimited. Every economy, regardless of its type, faces scarcity and must decide how to allocate limited resources among competing uses. The document also introduces the production possibilities frontier to illustrate scarcity and opportunity cost. It outlines several problems faced by economies, including what and how much to produce, how to utilize resources fully and efficiently, and how to achieve economic growth.
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Economics is the study of how scarce resources are allocated to satisfy unlimited human wants. It is divided into microeconomics, which examines individual parts of the economy like supply and demand, and macroeconomics, which looks at the overall economy of a nation. A key concept is that resources are scarce while wants are unlimited, so people must make economic choices and trade-offs to allocate resources efficiently among alternative uses. Needs are basic goods necessary for survival while wants enhance life comfort, and both vary between individuals and change over time. Scarcity exists when resources are insufficient to meet all wants, and can occur due to lack of physical resources or inability to access existing resources.
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This document provides an overview of key economic concepts through three sections. Section 1 defines economics as dealing with scarcity, where limited resources require people and societies to make choices. The factors of production - land, labor, and capital - are introduced. Section 2 discusses opportunity costs and how individuals and groups must consider trade-offs. A production possibilities curve is introduced to show the alternatives available to a nation based on its resources and is the topic of Section 3, which also addresses efficiency, growth, and opportunity costs. Technology is noted as something that can increase a nation's production capabilities.
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Scarcity refers to limited resources being unable to meet unlimited wants. Economics tries to solve the problem of scarcity by determining how to distribute limited resources to best meet wants. Goods are tangible items while services are activities performed for others. Factors of production include land, labor, and capital. Land represents natural resources, labor is work done for pay, and capital includes physical assets like buildings and equipment as well as human capital like education and skills.
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Slide 1 1mm - the basic economic problem
The basic economic problem is that human wants are unlimited while resources are scarce. This means that societies must make choices about how to allocate scarce resources between alternative uses to best satisfy people's needs and wants. The opportunity cost of a choice is the value of the best alternative forgone, or what is given up by making that choice. Production possibility curves illustrate this problem by showing the tradeoffs involved - producing more of one good requires producing less of another since resources are limited.
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The document discusses the economic problem of scarcity. It explains that scarcity exists because resources are limited while wants are unlimited. Every economy, regardless of its type, faces scarcity and must decide how to allocate limited resources among competing uses. The document also introduces the production possibilities frontier to illustrate scarcity and opportunity cost. It outlines several problems faced by economies, including what and how much to produce, how to utilize resources fully and efficiently, and how to achieve economic growth.
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Economics is the study of how scarce resources are allocated to satisfy unlimited human wants. It is divided into microeconomics, which examines individual parts of the economy like supply and demand, and macroeconomics, which looks at the overall economy of a nation. A key concept is that resources are scarce while wants are unlimited, so people must make economic choices and trade-offs to allocate resources efficiently among alternative uses. Needs are basic goods necessary for survival while wants enhance life comfort, and both vary between individuals and change over time. Scarcity exists when resources are insufficient to meet all wants, and can occur due to lack of physical resources or inability to access existing resources.
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This document discusses demand and supply from the perspective of firms and households. It defines firms as organizations that transform resources into products, and entrepreneurs as people who organize and manage firms. Households are the consuming units that demand goods and services. The circular flow diagram shows the connections between firms, households, input markets, and output markets. Demand is determined by price, income, wealth, tastes and preferences. The law of demand states that as price increases, quantity demanded decreases. A shift in demand occurs when a determinant of demand other than price changes, causing the demand curve to shift.
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Firms produce goods and services, which are sold in output markets to households. Households supply resources like labor in input markets to firms. Market equilibrium exists where quantity supplied equals quantity demanded, resulting in no incentive for prices to change. A change in demand or supply can shift the curves, impacting equilibrium price and quantity. Higher demand increases price and quantity while higher supply decreases price but increases quantity at the new equilibrium.
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2) The four factors of production are land, labor, capital, and entrepreneurship. Goods and services are produced using these factors.
3) Individuals and societies face trade-offs in how they use limited resources to fulfill needs and wants. Opportunity cost is the value of the next best choice not taken.
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1) The document is an introduction to economics that covers topics such as the definition of economics, needs and wants, types of economics (micro and macro), factors of production, the economic problem, utility, and production possibility frontiers.
2) It defines economics as the study of how individuals and societies make choices about scarce resources. It also discusses how people balance needs versus wants.
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The document discusses the basic economic problem of scarcity and opportunity cost. It defines the key concepts of needs and wants, and explains that while needs are necessities, wants are pleasurable but not necessary goods. Resources used to produce goods and services are finite but human wants are unlimited, creating an economic problem. The concept of opportunity cost, which is the next best alternative forgone when making a choice due to scarce resources, is introduced and illustrated using a production possibilities frontier diagram showing the tradeoffs between producing two goods.
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Here are some ways those economic problems in the Philippines relate to economics:
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The document discusses production possibility curves and opportunity cost using examples from the Great Depression and World War 2 mobilization. During the Great Depression, reduced resources meant the US economy was well inside the production possibility curve. Mobilization for WWII increased productive resources through government spending, increased labor participation, and improved productivity, shifting the curve outward to indicate economic growth.
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The document discusses different types of economic systems and how they answer the three basic economic questions of what to produce, how to produce it, and who gets what is produced. It explains that modern economies are mostly mixed, combining market forces with some government intervention. A free market uses supply and demand to determine production and distribution, while a centrally planned economy has the government control and direct all economic decisions. Most countries today utilize a mixed system with market allocation and private enterprise alongside policies to promote public goods and correct market failures.
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Positive economics is focused on analyzing cause and effect relationships to describe and explain economic phenomena, such as predicting that if the price of fish increases, demand will decrease. Normative economics examines the economy from an ethical perspective on what it should or ought to be, making value judgments about whether economic events are good or bad. An example of a normative statement is that those earning higher incomes should pay more in taxes than those with lower incomes. Normative economics involves subjective assessments rather than objective analysis.
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The document discusses supply and demand theory. It explains that supply and demand curves slope upward and downward respectively, showing that quantity supplied increases with price while quantity demanded decreases with price. A change in price results in movement along the existing curves, while other factors like income, tastes, technology, and costs can cause the curves to shift left or right. The interaction of supply and demand determines market equilibrium price and quantity.
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We all know that economics is a social science, which deals with production, distribution and consumption functions.
It is all about making choices regarding the allocation of scarce resources, so as to make their best possible use and satisfy human wants and needs.
From economics point of view
While needs point out the something you must have for survival,
wants refers to something which is good to have, but not essential for survival
For the purpose of spending and saving money wisely, every person must know the difference between needs and wants.
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This document discusses different economic systems and their key characteristics. It begins by outlining the three basic economic problems of what to produce, how to produce, and for whom to produce. It then defines four main economic systems - traditional, command, market, and mixed - and describes their essential features. The document also distinguishes between the economic philosophies of capitalism, communism, and socialism.
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Slideshare repurposing
This document discusses the concepts of scarcity, wants, and needs in economics. It begins by outlining three basic economic questions about what to produce, how to produce it, and for whom. It then defines key concepts like scarcity, choice, and opportunity cost. The document notes that resources are limited while wants and needs are unlimited, forcing societies to make choices. It explains that scarcity means not all goods and services can be produced, and that choices must be made between alternatives. The circular flow of the economy and production possibility frontier are also introduced. The document emphasizes that scarcity is a permanent reality and differs from shortages, which are temporary. It concludes by distinguishing between wants and needs from an economist's perspective.
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- Economics is the social science that studies how individuals and societies allocate scarce resources. It can be divided into microeconomics and macroeconomics.
- Microeconomics analyzes individual economic units like households and firms, and studies topics like supply and demand, costs of production and market structures. Macroeconomics analyzes the economy as a whole and focuses on unemployment, inflation, GDP and issues impacted by fiscal and monetary policy.
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The document provides an introduction to key concepts in economics, including:
1) Economics involves making choices due to scarce resources and unlimited wants. It studies how individuals and societies make decisions about production, consumption, and distribution.
2) The four factors of production are land, labor, capital, and entrepreneurship. Goods and services are produced using these factors.
3) Individuals and societies face trade-offs in how they use limited resources to fulfill needs and wants. Opportunity cost is the value of the next best choice not taken.
Introduction to Economics
1) The document is an introduction to economics that covers topics such as the definition of economics, needs and wants, types of economics (micro and macro), factors of production, the economic problem, utility, and production possibility frontiers.
2) It defines economics as the study of how individuals and societies make choices about scarce resources. It also discusses how people balance needs versus wants.
3) The two main types of economics - microeconomics and macroeconomics - are introduced along with the factors of production needed for an economy.
Factors of Production
Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. The first factor of production is land, but this includes any natural resource used to produce goods and services.
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The main premise of economic problem is that human needs and wants are unlimited but resources are limited in nature. Thus, scarcity of resources which means that in order to produce one good, you have to sacrifice other good.
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Dr. Ahmed El-Feqi has extensive academic qualifications, including a Ph.D in Economics from the University of East Anglia. He has received fellowships from both the Ford Foundation and International Fellowship Programme in the United States. El-Feqi is currently a teaching assistant at Delta University. The document goes on to define key economic concepts like scarcity, resources, wants and needs, goods and services. It explains how economies must make choices due to limited resources, and uses models like the production possibilities frontier to illustrate opportunity costs and trade-offs.
Basic Economic Problems
The document discusses the basic economic problem of scarcity and opportunity cost. It defines the key concepts of needs and wants, and explains that while needs are necessities, wants are pleasurable but not necessary goods. Resources used to produce goods and services are finite but human wants are unlimited, creating an economic problem. The concept of opportunity cost, which is the next best alternative forgone when making a choice due to scarce resources, is introduced and illustrated using a production possibilities frontier diagram showing the tradeoffs between producing two goods.
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Here are some ways those economic problems in the Philippines relate to economics:
- Low economic mobility and poverty/income inequality are issues of how resources and goods/services are distributed throughout society. Economics studies how scarce resources are allocated to meet societies' needs and wants. Unequal distribution of resources can lead to these problems.
- Unemployment occurs when there is a mismatch between the skills/abilities of the labor force and the demands of the job market. Economics examines how markets for goods, services, and labor function. When there are imbalances or inefficiencies in labor markets, unemployment may result.
- All three problems ultimately stem from issues of production, consumption, and the overall functioning of the economy. Economics analyzes
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Price controls refer to legal restrictions on how high or low market prices can go, and include both price ceilings (maximum prices) and price floors (minimum prices). The document discusses how price ceilings and floors lead to inefficiencies in the market such as shortages, wasted resources, inefficient allocation of goods and services, and potentially black markets. While price controls may benefit some groups, they ultimately reduce overall efficiency in the market by distorting the signals of supply and demand.
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The document discusses production possibility curves and opportunity cost using examples from the Great Depression and World War 2 mobilization. During the Great Depression, reduced resources meant the US economy was well inside the production possibility curve. Mobilization for WWII increased productive resources through government spending, increased labor participation, and improved productivity, shifting the curve outward to indicate economic growth.
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The document discusses different types of economic systems and how they answer the three basic economic questions of what to produce, how to produce it, and who gets what is produced. It explains that modern economies are mostly mixed, combining market forces with some government intervention. A free market uses supply and demand to determine production and distribution, while a centrally planned economy has the government control and direct all economic decisions. Most countries today utilize a mixed system with market allocation and private enterprise alongside policies to promote public goods and correct market failures.
Positive vs normative
Positive economics is focused on analyzing cause and effect relationships to describe and explain economic phenomena, such as predicting that if the price of fish increases, demand will decrease. Normative economics examines the economy from an ethical perspective on what it should or ought to be, making value judgments about whether economic events are good or bad. An example of a normative statement is that those earning higher incomes should pay more in taxes than those with lower incomes. Normative economics involves subjective assessments rather than objective analysis.
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This presentation focuses on applied economics. Emphasis is on knowledge and understanding for the following:
1. Economics as a social science
2. Economics as a study of wealth
3. Economics as a study of making choices
4. Economics as a study of allocation
5. Factors of production
6. Scarcity
7. Choice and decision making
8. Branches of economics
Law of Supply and Demand
The document discusses supply and demand theory. It explains that supply and demand curves slope upward and downward respectively, showing that quantity supplied increases with price while quantity demanded decreases with price. A change in price results in movement along the existing curves, while other factors like income, tastes, technology, and costs can cause the curves to shift left or right. The interaction of supply and demand determines market equilibrium price and quantity.
Opportunity cost
Every choice involves a trade-off where you must give up something to get something else. The best alternative given up is called the opportunity cost, which is the cost of a decision in terms of the forgone best alternative. For example, the opportunity cost of going to college is the money that could have been earned working instead, and the opportunity cost of a gardener growing carrots is the other crops that could have been grown instead, such as tomatoes or potatoes.
Needs and wants(Economic View)
We all know that economics is a social science, which deals with production, distribution and consumption functions.
It is all about making choices regarding the allocation of scarce resources, so as to make their best possible use and satisfy human wants and needs.
From economics point of view
While needs point out the something you must have for survival,
wants refers to something which is good to have, but not essential for survival
For the purpose of spending and saving money wisely, every person must know the difference between needs and wants.
The Economic System
This document discusses different economic systems and their key characteristics. It begins by outlining the three basic economic problems of what to produce, how to produce, and for whom to produce. It then defines four main economic systems - traditional, command, market, and mixed - and describes their essential features. The document also distinguishes between the economic philosophies of capitalism, communism, and socialism.
Introduction to Applied Economics
This document defines economics and its key concepts. It discusses economics as the study of wealth, choices, and allocating scarce resources. It also covers economic systems like markets, command, and tradition for allocation. It provides frameworks for understanding decisions using concepts like marginal benefits and costs. Finally, it outlines some basic economic problems facing the Philippines like poverty, infrastructure, and environmental sustainability.
Introduction to applied economics
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This course deals with the basic principles of applied economics and how they relate to issues facing Filipino entrepreneurs. It analyzes industries to identify business opportunities and requires students to prepare a socioeconomic impact study of a business venture. The document is a presentation on applied economics that defines economics, explores key concepts like scarcity and opportunity cost, and discusses how economic principles relate to challenges in the Philippines economy like unemployment and poverty. It aims to equip students with tools to evaluate economic policies and decisions.
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Economics comes from the Greek word oikonomia which means household chores. Economics is considered a field of social science. Economics is relevant because it is part of everybodyโs life. As a science, Economics is related to other sciences.
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The document discusses several key economic problems that arise due to scarcity of resources:
i) Allocation of scarce resources - What and how much of each good to produce?
ii) Choice of production method - Which technology and combination of resources to use?
iii) Distribution of output - How to share the total output among individuals and classes?
iv) Economic efficiency - Using resources in the most efficient way to maximize output.
The Production Possibility Curve illustrates the tradeoffs and scarcity choices a society must make between allocating resources to different goods.
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Inflation
The document discusses various topics related to inflation including:
1. Inflation is defined as a rise in general price levels reported as a rate of change which reduces the purchasing power of money.
2. Inflation can be caused by increases in the money supply, reductions in goods available, decreases in demand for money, and increases in demand for goods.
3. Effects of inflation include a reduction in purchasing power of currency, changes to spending habits, speculation, and impacts to income distribution between lenders and borrowers.
Macroeconomic concerns
The document discusses key concepts related to macroeconomic growth, including:
1. Gross domestic product (GDP) is used to measure aggregate economic activity and output. GDP can be calculated using expenditure, production, and income approaches.
2. Nominal GDP measures total output in current prices, while real GDP accounts for inflation by using constant prices to measure output.
3. Economic growth is measured as the percentage change in real GDP from one period to the next. Periods of growth are called expansions, while declines are called contractions or recessions.
Macro basics
The document provides an introduction to macroeconomics, describing the four main sectors of the macroeconomy - households (consumers), business (producers), government (regulators and tax collectors), and foreign (other economies). It explains that households consume goods and services, businesses produce goods and services for households to consume, the government collects taxes and provides services, and the foreign sector involves international trade. It also introduces the circular flow model showing how income and spending flow between these sectors.
Geographyof China
This document provides an overview of Chinese history from prehistoric times through the Zhou Dynasty. It describes early humans in China like Peking Man from 750,000-500,000 BCE. The Yellow River Valley is identified as the cradle of Chinese civilization starting around 3000 BCE. Important early dynasties discussed include the Xia Dynasty founded by Yu the Great in 2205 BCE, the Shang Dynasty from 1766-1027 BCE known for oracle bones, and the Zhou Dynasty from 1027-256 BCE which overthrew the Shang and is divided into Western and Eastern periods. Key aspects of Chinese culture such as writing, philosophy, religion, and art developed over this long period.
Market Structure
The document discusses the history and development of the electricity market in the Philippines. It describes how Manila Electric Company (Meralco) was established in 1903 after being granted a franchise by the Philippine government to operate an electric street railway and provide electric power in Manila and surrounding areas. Meralco grew to dominate the electricity market, providing both transportation via streetcars and the primary electric power supply. Over time, Meralco's revenues shifted from transportation to focus mainly on electricity as its core business.
Price Elasticity Of Supply
The document discusses price elasticity of supply, which measures how much a supplier's quantity supplied responds to changes in price. It defines the coefficient of price elasticity of supply and explains that supply can be elastic, inelastic, or unitary depending on whether a percentage change in price results in a greater, lesser, or equal percentage change in quantity supplied. Examples of perfectly elastic and perfectly inelastic supply curves are also provided.
Demand Ans Supply
The document explains an activity to help students understand the relationship between supply, demand, and price of products. It involves dividing students into groups and giving each group statements about hypothetical changes to the price or demand of milk, pickles, or eggs. The groups must discuss whether each change would increase or decrease the supply, demand, or price of the product using response cards. Doing this activity allows the teacher to assess each student's comprehension of these economic concepts and provide individual help as needed.
Demand and supply
The document discusses the laws of supply and demand. It defines quantity demanded and quantity supplied, and explains how each is affected by different variables according to the laws of supply and demand. Specifically, it states that quantity demanded decreases when price increases, and quantity supplied increases when price increases. It also provides examples of how to analyze the effects of events using supply-demand diagrams.
Market supply
1. Supply is defined as the willingness and ability of sellers to provide a range of quantities of a good at different prices over a given time period.
2. The supply price is the minimum price sellers will accept for a given quantity, and the quantity supplied refers to the specific amount provided at a given price.
3. The law of supply states that, all else equal, higher prices result in greater quantities supplied as producers respond to higher costs of production at larger output levels.
Demand
The document discusses demand, the law of demand, and factors that influence demand. It defines demand as the range of prices and quantities that buyers are willing and able to purchase over a given period of time. The law of demand states that demand price and quantity demanded are inversely related when other factors remain constant. It is influenced by the income and substitution effects - the income effect refers to how price changes impact purchasing power, while the substitution effect is how price changes make other goods relatively more or less expensive. Demand schedules and curves can be used to illustrate the law of demand graphically.
Resources
The document discusses the natural, physical, and human resources of the Philippines that contribute to its development as a newly industrialized country. It notes that the Philippines has abundant forest and water resources, mineral deposits, and a large population. While the population is a potential resource, rapid growth can strain other resources if not balanced with investments in health, education, and infrastructure. Physical developments like roads, bridges, and buildings further support economic capacity, but sustainability depends on responsible management of natural assets like forests and fisheries that are threatened by issues such as deforestation and pollution.
Resources
The document discusses the natural, physical, and human resources of the Philippines that contribute to its economic development and ability to become a newly industrialized country. It outlines that the Philippines has abundant forest and fishery resources, a large population that can be both a resource and challenge, and is increasing its physical infrastructure through projects like roads, bridges, and buildings. However, it also notes issues like rapid deforestation, overfishing, and how a growing population can strain individual resources if the population is not healthy, educated, and qualified to compete globally. Overall the document performs an inventory of the country's resources but also raises questions about ensuring their sustainable management and development of human capital.
Consumption consumer rights
The document discusses various government agencies and bureaus responsible for consumer protection, product standards, and environmental regulation in the Philippines. It outlines the objectives of the Consumer Act of the Philippines to protect consumer interests. It also describes the roles of the National Water and Air Pollution Control Commission, Bureau of Trade Regulation and Consumer Protection, Bureau of Food and Drugs, Bureau of Domestic Trade, and Bureau of Product Standards in maintaining standards, conducting inspections, and ensuring consumer and environmental protections.
Our early ancestors
The document discusses theories about the origins and early inhabitants of the Philippines based on biblical stories, scientific evidence, and legends. It describes how the first people arrived around 25,000 years ago during the Stone Age and lived as hunter-gatherers. Subsequent waves of migration brought Negritos, Indonesians, and Malays who settled different areas and had varying levels of technological development. While their origins are still debated, most early Filipinos shared a common base culture that was influenced by their environment.
Hierarchy of needs
Physiological needs are the most basic needs like food, water, shelter, etc. Safety needs involve security and stability. Belongingness and love needs are about intimate relationships and connections with others. Esteem needs relate to achieving, being competent, and gaining recognition. Self-actualization involves realizing one's full potential and pursuing personal growth.
Economics and others
1. The document discusses the divisions and scope of economics, including macroeconomics which examines the overall economy, and microeconomics which examines individual markets.
2. It also compares economics to other fields like physics, noting that while physical laws are more stable, human behavior studied in economics is less predictable.
3. Finally, it outlines several areas of focus in economics like production, distribution, consumption, and public finance.
Econ
This document appears to discuss key concepts in economics and its relationship to other sciences. However, without fully comprehending the context and intent of the original work, I do not believe it would be appropriate for me to produce a high-level summary. Generating an accurate abstract requires a deeper analysis than I am able to provide based on the excerpt alone.
Hellenistic Age
The period after Alexander the Great's death in 323 BC saw the spread of Hellenistic culture throughout the Mediterranean world. Many scientists and scholars accompanied Alexander's conquests and gained new knowledge from places like Egypt and the Near East. Ptolemy established the Library of Alexandria in Egypt in the early 300s BC, creating the largest library of the ancient world containing over 500,000 scrolls and sponsoring research. Scholars like Euclid, Eratosthenes, and Archimedes conducted pioneering work in fields like mathematics, astronomy, and physics. Philosophies also diversified during this period with schools of thought like Epicureanism emphasizing pleasure and Stoicism preaching self-control and indifference to pain or
Conquerors Of Greece
While Sparta and Athens developed differently, the Greek city-states shared many cultural similarities: they spoke the same language, believed in the same gods, enjoyed the same artistic works, and participated in athletic competitions. The Hellespont, an important strait near Troy, played a strategic role in the Greco-Persian wars between Greece and Persia in the 5th century BCE, including the famous battles of Marathon, Thermopylae, and Salamis. Afterwards, Athens entered its Golden Age under the Athenian Empire and democracy, though old rivalries resumed after its decline.
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Scarcity, wants, & needs
- 1. SCARCITY, WANTS, & NEEDS Mr. Rey Belen
- 2. Economic Questions 1. What to produce? 2. How to produce? 3. For whom?
- 3. Basic Economic Concepts CIRCULAR FLOW OF ECONOMIC LIFE CHOICE TRADE OFF OPPORTUNITY COST PRODUCTION- POSSIBILITY FRONTIER SCARCITY UNLIMITED WANTS & NEEDS
- 4. Realities Scarcity, however, does not imply that the amount of resources or the state of technology is fixed. Scarcity limits the total output from the economy There are not enough resources in the world to satisfy the unlimited wants and needs of all people
- 6. examplesโฆ
- 13. Scarcityโฆ scarcity exist in varying degrees: perhaps would have very little work to do in satisfying his needs if economic resources were no scarceโฆ scarcity exists and there is no way of escaping from it, we have to understand the consequences that it brings shortage is no less than a temporary economic phenomenon which can be remedied by adjustment in the marketplace
- 14. The nature of Wants human wants in the broadest sense cover many areas beyond the reach of economic satisfactionโฆ after one wants has been satisfied, others will surface because human wants are insatiable!
- 15. Unlimited Wants and Limited Income What are the things that you would like to have? as you think about this question more seriously, you will discover that the list is almost endlessโฆ it is natural for you to want something more than you have if you do not want something more than you have, you are probably dead
- 16. Limited Resources scarcity of resources is the main reason why we cannot have everything we want Source: National Geographic, October 1998 these must be apportioned in such a way that they will provide the greatest satisfaction to those who need them How are you helping make decisions in the allocation of goods and services in simply being a consumer, give the fact that we have limited resources and man have unlimited wants?
- 17. Prioritizing Wants โ FREEDOM OF CHOICEโ you have the freedom to decide what you would like to do with your money you are free to determine the amount of money you will spend and the amount of money you want to put in a bank you have the freedom to choose the school where you would like to study freedom to choose the course you would like to take in college *all these are related to the income you and your parents have
- 19. The Nature Of Needs MASLOWโS HIERARCHY OF NEEDS he based his theory on the study of outstanding person (self-actualized)