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UNLIMITED WANTS AND NEEDS: A characteristic of people such that they are never totally satisfied with the quantity and variety of goods and services. This is one half of the fundamental problem of scarcity that has plagued humanity since the beginning of time. The other half of the scarcity problem is limited resources. Unlimited wants and needs essentially means that people never get "enough"--that there's always something else that they would want or need.

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Lesson 3: Scarcity | Unit 5: THE Problem Page: 15 of 17

Topic: No Free Lunch <=PAGE BACK | PAGE NEXT=>

An important aspect of scarcity is the fact that almost nothing is free.
  • That's why economists are fond of saying: 'There ain't no such thing as a free lunch.
We have always faced limited resources and we've always wanted more than we can produce.
  • Scarcity is definitely THE Economic Problem.
  • Everything we do from in economic terms-production, consumption, working, attending college-is directed toward this problem.
  • Scarcity is important to many, perhaps even all, other human activities.
  • Education? Without scarcity, education is not needed.
  • Government? Without scarcity, government is not needed.
  • What about vacations, religion, television?

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MEDIAN VOTER PRINCIPLE

A public choice principle stating that the median voter, the voter with an equal number of votes on either side, determines the outcome of an election by determining which side receives the majority. The preferences of this median vote, thus become the most important preferences addressed by candidates running for election. However, the median voter's preferences might not generate was is best, that is, efficient, for society. Other related voting problems identified by the study of public choice includes the voting paradox, logrolling, and voter apathy (due to rational ignorance and rational abstention).

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites seeking to buy either a really, really exciting, action-filled video game or a coffee cup commemorating the moon landing. Be on the lookout for slow moving vehicles with darkened windows.
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
"The vacuum created by failure to communicate will quickly be filled with rumor, misrepresentations, drivel and poison. "

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