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ABSOLUTE POVERTY: The amount of income a person or family needs to purchase an absolute amount of the basic necessities of life. These basic necessities are identified in terms of calories of food, BTUs of energy, square feet of living space, etc. The problem with the absolute poverty level is that there really are no absolutes when in comes to consuming goods. You can consume a given poverty level of calories eating relatively expensive steak, relatively inexpensive pasta, or garbage from a restaurant dumpster. The income needed to acquire each of these calorie "minimums" vary greatly. That's why some prefer relative poverty.

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

Topic: A Definition <=PAGE BACK | PAGE NEXT=>

  • 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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SECOND ESTATE

Another term for the business sector. This is one of four divisions of society based on economic function. The other three are government as the first estate, consumers as the third estate, and journalists as the fourth estate.

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APLS

ORANGE REBELOON
[What's This?]

Today, you are likely to spend a great deal of time flipping through mail order catalogs hoping to buy either a coffee cup commemorating the first day of winter or a video game player. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?

The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
"The past cannot be changed. The future is yet in your power. "

-- Hugh White, U.S. Senator

AIBD
Association of International Bond Dealers (now called International Securities Market Association)
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