|
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.
Visit the GLOSS*arama
|
|

|
|
Lesson 3: Scarcity | Unit 3: Opportunity Cost
|
Page: 11 of 17
|
- The basic concept of opportunity cost as the highest valued alternative foregone in the pursuit of an activity.
- How the fact that limited resources have alternative uses intertwines the notion of opportunity cost and the basic problem of scarcity.
- Why economic cost is synonymous with opportunity cost.
- Why opportunity cost need not be measured in money terms.
- The difference between explicit and implicit opportunity cost.
|
|
|
|
|
|
EXPLOITATION The notion that capital owners and entrepreneurs of the second estate "take advantage" of workers of the third estate by paying them less than their contributions to production.
Complete Entry | Visit the WEB*pedia |


|
|
GREEN LOGIGUIN [What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages trying to buy either a coffee table shaped like the state of Florida or storage boxes for your summer clothes. Be on the lookout for deranged pelicans. Your Complete Scope
This isn't me! What am I?
|
|
In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
|
|
"The time to repair the roof is when the sun is shining." -- John F. Kennedy, 35th U. S. president
|
|
GATS General Agreement on Trade in Services
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|

|