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SCARCITY: A pervasive condition of human existence that exists because society has unlimited wants and needs, but limited resources used for their satisfaction. In other words, while we all want a bunch of stuff, we can't have everything that we want. In slightly different words, this scarcity problem means: (1) that there's never enough resources to produce everything that everyone would like produced; (2) that some people will have to do without some of the stuff that they want or need; (3) that doing one thing, producing one good, performing one activity, forces society to give up something else; and (4) that the same resources can not be used to produce two different goods at the same time. We live in a big, bad world of scarcity. This big, bad world of scarcity is what the study of economics is all about. That's why we usually subtitle scarcity: THE ECONOMIC PROBLEM.

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Lesson 2: Economic Science | Unit 4: Science and Practice Page: 16 of 20

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  • The hypothesis, theory, and verification process associated with a presumed relationship between course grades and class seating.
  • Different ways that an hypothesis relating grades and class seating can be stated.
  • The components of a possible 'intuitive' theory explaining grades and class seating.
  • How a hypothesized relationship between grades and seating might be tested using real world data.

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EQUILIBRIUM QUANTITY

The quantity that exists when a market is in equilibrium. Equilibrium quantity is simultaneously equal to both the quantity demanded and quantity supplied. In a market graph, the equilibrium quantity is found at the intersection of the demand curve and the supply curve. Equilibrium quantity is one of two equilibrium variables. The other is equilibrium price.

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Today, you are likely to spend a great deal of time searching for a specialty store hoping to buy either a rotisserie oven that can also toast bread or a flower arrangement in a coffee cup for your father. Be on the lookout for the last item on a shelf.
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This isn't me! What am I?

Al Capone's business card said he was a used furniture dealer.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

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