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QUANTITY: In a market, the amount of a good that is bought, sold, or traded among buyers and sellers. In a standard market diagram, quantity is displayed on the horizontal axis.

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Lesson 3: Scarcity | Unit 1: The Concept Page: 1 of 17

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  • Scarcity is the pervasive condition that exists because society has unlimited wants and needs, but limited resources used for their satisfaction.
Meaning:
  • We can't have everything because resources are limited.
Unlimited wants and needs are half of the scarcity problem.
  • Unlimited wants and needs are what motivate us to take action, to produce goods, and to advance our well-being.
  • We are motivated to do things that satisfy these wants and needs. Satisfaction is achieved when wants and needs are fulfilled.
  • Scarcity results because wants and needs are unlimited. No one has ever been completely satisfied. We always want more.

Limited resources are the other half of our scarcity problem.

  • Resources are the stuff that we use to produce the goods that fulfill our wants and needs.
  • Resources are the things that make satisfaction possible.
  • Resources are limited. We have only so much 'stuff' than can be used to produce the goods that satisfy our wants and needs.

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INDEX OF CONSUMER SENTIMENT

A measure of consumer attitudes, preferences, and expectations concerning the state of the economy and business-cycle conditions that is compiled each month by the Survey Research Center at the University of Michigan. The Index of Consumer Sentiment is one of two primary measures of consumer attitudes. The other is the Consumer Confidence Index developed by The Conference Board.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time lost in your local discount super center hoping to buy either clothing for your kitty cats or a set of luggage without wheels. Be on the lookout for slow moving vehicles with darkened windows.
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This isn't me! What am I?

Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
"Do what you feel in your heart to be right for you'll be criticized anyway. You'll be damned if you do and damned if you don't. "

-- Eleanor Roosevelt, first lady

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