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SCARCE GOOD: A resource with an available quantity less than its desired use. Scarce resources are also called factors of production. Scarce goods are also termed economic goods. Scarce resources are used to produce scarce goods. Like the more general society-wide condition of scarcity, a given resource is scarce because it has a limited availability in combination with a greater (potentially unlimited) productive use. It's both of these that make it scarce. In other words, even though an item is quite limited it will not be a scarce resource if it has few if any uses (think pocket lint and free good).

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Lesson 10: Utility and Demand | Unit 5: Beyond Demand Page: 21 of 21

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In this unit, you should have learned about:
  • How the principles of consumer demand are important to many activities beyond standard economic activity.
  • How elasticity, which is the responsiveness of quantity demanded to demand price, is related to utility.
  • Why production and supply decisions are comparable to consumption and demand decisions.

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PHYSICAL SCIENCE

The scientific study of the physical world, especially nonhuman, nonsociety phenomena, such as atoms, planets, wildlife, and continental drift. Common disciplines that study these physical phenomena are physics, chemistry, biology, geology, and astronomy. Physical science is one of two broad scientific classifications. The other is social science, which is the study human behavior and society.

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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time at a dollar discount store trying to buy either arch supports for your shoes or an AC adapter that works with your MPG player. Be on the lookout for slow moving vehicles with darkened windows.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
"For a writer, published works are like fallen flowers, but the expected new work is like a calyx waiting to blossom."

-- Cao Yu, Playwright

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