Scarcity - The Basic Economic Problem

1. Scarcity is the condition that results from society not having enough resources to produce all things people would like to have
2. Economics is the study of how people try to satisfy seemingly unlimited and competing needs and wants
3. Need is a basic requirement for survival
4. Want is something we would like to have but is not necessary for survival
5. Range of things represented by “want” is much broader than that represented by “need”
6. Goods -