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April 25, 2018 

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ENVIRONMENT: All of the naturally occurring stuff that came with the planet, before it's been altered, extracted, transformed, or used up for production. It includes the air, water, land, vegetation, and wildlife.

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Lesson 3: Scarcity | Unit 1: The Concept Page: 2 of 17

Topic: So What? <=PAGE BACK | PAGE NEXT=>

We live in a big, bad world of scarcity.

Meaning:

  • There's never enough resources to produce everything that everyone wants,
  • Some people have to do without some of the stuff that they want or need,
  • The same resources can not be used to produce two different goods at the same time, and
  • Doing one thing, producing one good, performing one activity, forces you to give up something else.

Then:

  • Scarcity is what the study of economics is all about.

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AGGREGATE DEMAND AND MARKET DEMAND

The aggregate demand curve, or AD curve, has similarities to, but differences from, the standard market demand curve. Both are negatively sloped. Both relate price and quantity. However, the market demand curve is negatively sloped because of the income and substitution effects and the aggregate demand curve is negatively sloped because of the real-balance, interest-rate, and net-export effects.

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APLS

PINK FADFLY
[What's This?]

Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?

A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
"The greatest things ever done on Earth have been done little by little. "

-- William Jennings Bryan

ECLA
Economic Commission for Latin America
A PEDestrian's Guide
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