Scarcity Presentation Student Version

Scarcity
UNIT 1 LESSON 2
Table of Contents
Start End Show
Individual Choice Scarcity
Copyright © 2022 Nick Samsal

Table of Contents
1 2 3 4 5 6
Access Prior Set Goals Acquire New Apply New Generalize Homework
Knowledge Information Information
Warm Up Activity Desired Results Lecture Class Activity Conclusion Practice/Enrichment
Lesson 2 Individuals Deal Desired Results,

The Tallest Tower Not Enough Homework
Desired Results with Scarcity Revisited
The
Notes Land Quiz
Scarcity Principle
Labor Resources
Physical Capital
Human Capital
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Copyright © 2022 NLS

The Tallest Tower
Warm Up Activity
Imagine back about 1,000 years ago, when many people in Europe were building castles.
Princes, dukes, lords, and other powerful people used these as both defensive fortifications
and residences. The larger and taller castles bestowed more prestige upon its owner. In this
activity, the local prince has tasked your group with creating a model of the tallest tower
possible. Using only the materials given to you, the tower must be completely freestanding,
and it must “house” the prince at the very top.
MATERIALS
Option 1
Masonry Stones - 50 index cards
Mortar - 4 ft. of string and 2 ft. of tape
Tools - hole punch and scissors
Prince - marshmallow or figurine
Option 2
Masonry Stones - 50 spaghetti noodles
Mortar - 4 ft. of tape (or 30 marshmallows)
Tools - none
Prince - marshmallow or figurine

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The Tallest Tower
Design
You will have 12 minutes to build your tower. You may only use the items given to you by
your teacher. At the end of 12 minutes, measure the height of your tower. The group with the
tallest freestanding tower wins! Make a quick sketch of your completed tower below.

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The Tallest Tower
Design
You will have 12 minutes to build your tower. You may only use the items given to you by
your teacher. At the end of 12 minutes, measure the height of your tower. The group with the
tallest freestanding tower wins! Make a quick sketch of your completed tower below.

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The Tallest Tower
Summary Questions
1) What was the height of your tower? 5) Workers also need items that do not get
used up when producing the final
2) What was the height of the tallest product. These factors of production
tower? help the workers produce the good.
For each of the four factors of
production below, list an example of
3) What prevented you from being able to how it was represented in this scenario.
build a taller tower?
A) Land
B) Labor
4) When creating products, workers need
inputs (also called raw materials or
natural resources). These items are C) Physical Capital
turned into the final product. What
were the raw materials in this scenario? D) Human Capital

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Lesson 2 Desired Results
Understanding Essential Question
Because resources are scarce, Can anybody ever have
individuals must make choices everything he/she wants?
that satisfy only some of their
wants.
Learning Goals
Level 1: Retrieval Level 2: Comprehension Level 3: Analysis
Recognize/Recall Explain how scarcity Compare and
basic terminology affects the decisions that contrast how
and information individuals make. economic
about scarcity and institutions affect
the four factors of scarcity.
production.

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Notes
Take notes using the guided, outline, or mind map format. After class, fill in
the “Big Ideas and Essential Questions” column and the “Summary” box.
Step 1 Step 2 Step 3

Take notes using one of After class, add notes in After class, summarize
these formats. the left-hand column. each page of notes.
(a) Guided Notes Big Ideas Summary

Fill-in-the-blank style Write main ideas and Using your own words,
notes key vocabulary words. write a general
description that
(b) Outline Notes Essential Questions illustrates the big
Hierarchical listing of Write key questions picture.
information whose answers provide
insight into the
(c) Mind Map Notes material.
Spatially organized
notes See
Instructions
Skip
Instructions

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Notes
Step 1
Take notes using one of these formats.
(a) Guided Notes (b) Outline Notes (c) Mind Map Notes
Fill-in-the-blank style notes Hierarchical listing of information Spatially organized notes

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Individuals Deal with Scarcity
Most everything in the world is scarce. This means that no one thing exists in
large enough quantities to satisfy all potential productive uses.

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1) Scarcity exists because...

A) Wants are unlimited
You may think that wants are limited. After all,

you can only drive one car at a time. But if given
more resources, people tend to find more wants.

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1) Scarcity exists because... The Extermination of the American Bison to 1889

B) Resources are limited
Even the most seemingly unlimited resource can

be used up. In the 1800s, the supposedly endless
herds of buffalo were almost hunted to
extinction.

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2) Individuals must make choices

because resources are scarce
Even in a vast countryside, individuals must

make choices. What will I do with my land?
Build a house, plant crops, preserve the trees?

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Play Soccer Deliver Pizzas

A) Choices have trade-offs
For example, would you rather play soccer on the

school team or work delivering pizzas? Because
your time is scarce, you can only choose one.

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Deliver Pizzas

B) Choices are often made at the
margin
Suppose you choose to spend your time

delivering pizzas. Your next decision might be
“how many hours should I work?”

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Deliver Pizzas

B) Choices are often made at the
margin
C) Choices are made based on the
known incentives By choosing work over soccer, you have
responded to the incentive called the profit
motive. Incentives can explain most behavior.

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Check for Understanding
Can anybody ever have everything he/she wants?

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Land
The four factors of production (land, labor, physical capital, and human
capital) turn raw materials into consumable goods and services.

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Land
1) Raw materials are inputs, not

factors of production
This picture depicts all four factors of production

(soil, farmer, tractor, farming knowledge) turning
a raw material (crops) into food.

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Land

2) Land is a factor of production

because...
A) It is needed for production
Farmers need land to produce cotton. In this

example, soil is a factor of production, cotton is a
raw material, and jeans are a finished product.

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Land


because...
B) It is not used up in production
Some soil is used up during crop production, but

it can be utilized year after year. At some point,
however, even this resource will be depleted.

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Land


because...
C) It earns repeated income
Owners of land earn repeated income called rent.

They sell the space where productive activity
occurs.

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Land


because...
C) It earns repeated income
3) Climate change is making

productive land more scarce
Changing weather patterns can wreak havoc on
coastal areas. A bigger threat, perhaps, is the loss
of formerly productive farmland.

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Land
What is an example of land being used as a factor of

production?

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Labor
Labor is the physical and mental effort workers exert to turn raw materials into
finished products and services.

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Labor
1) Labor is a factor of production

that firms demand and Factor
households supply Market
Wages & Labor

Salaries
Firms Households
Households and firms negotiate the income of

labor (and all four factors of production) in the
factor market.

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Labor

that firms demand and
households supply
2) Labor earns repeated income as
wages and salaries
Households sell their labor and receive

compensation as wages and salaries. This income
comprises the largest type of income in the US.

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Labor

households supply
wages and salaries
3) Societal changes can increase or
decrease the scarcity of labor
As labor becomes scarcer, the wages and benefits

employers offer must increase. Strikes can
artificially increase the scarcity of labor.

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Labor

households supply
wages and salaries
A) Child labor laws
In 1900, 18% of all US workers were younger than

16. Congress outlawed this practice by 1938,
effectively increasing the scarcity of labor.

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Labor

households supply
wages and salaries
A) Child labor laws
B) The 40-hour work week
In 1886, workers seeking an 8-hour workday

clashed with police at Haymarket Square in
Chicago. Their dream was realized by 1938.

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Labor

households supply
wages and salaries
A) Child labor laws
B) The 40-hour work week
C) Population changes Population changes can raise or lower the scarcity
of labor. A declining birth rate raises worker
scarcity, while immigration reduces scarcity.

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Labor
Why is labor considered a factor of production?

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Physical Capital
There are three kinds of capital, but only two are factors of production.
Physical capital refers to the human-made resources used in production.

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Physical Capital
1) Capital are the items labor uses Physical Capital Human Capital
in production (not raw materials)
used in
production
Financial Capital
When building a house, you need all 3 kinds of

capital: tools (physical), construction knowledge
(human), and money to buy supplies (financial).

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Physical Capital
in production (not raw materials) e
ad
A) Physical capital: tangible assets n-m es factor of
a urc production
m
hu reso
used in
production
Financial Capital
Physical capital includes buildings, machines,

tools, etc. Sometimes it is called ”fixed capital” to
emphasize that it is not used up in production.

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Physical Capital
in production (not raw materials) e ed
ad sk uca
A) Physical capital: tangible assets n-m es factor of ill ti
a urc production of on
m la &
B) Human capital: intellectual assets hu reso bo
r
used in
production
i b le
g
tan set
in a s
Financial Capital
Human capital is the improvement in labor

created by education and experience. It is the 4th
factor of production (see next section).

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Physical Capital
in production (not raw materials) e ed
ad sk uca
A) Physical capital: tangible assets n-m es factor of ill ti
a urc production of on
m la &
B) Human capital: intellectual assets hu reso bo
r
C) Financial capital: money assets ow used in
th ned
production
i b le
e fi by g
rm tan set
in a s
money and investments

Financial Capital
Firms use financial capital to invest in the

company, hoping to achieve higher future profits.
It is not a factor of production.

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Physical Capital
1) Capital are the items labor uses

A) Physical capital: tangible assets
B) Human capital: intellectual assets
C) Financial capital: money assets
2) Physical capital does not get

used up, except in the long run
Machines eventually get worn out or need to be

replaced. The first printing presses were
revolutionary in the 1400s but are now obsolete.

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Physical Capital


3) Owners of physical capital earn
repeated income
A) Physical capital earns interest When a corporation pays dividends, it is in effect
paying interest for the use of the machines and
buildings the stockholders ultimately own.

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Physical Capital


3) Owners of physical capital earn
repeated income
A) Physical capital earns interest Corporations receive the profits acquired from
their physical capital (i.e. the business itself).
B) Business owners earn profits Proprietors are also compensated for their labor.

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Physical Capital
What physical capital does a restaurant need?

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Human Capital
This fourth and final factor of production refers to labor’s education and skill.
Sometimes it is alternatively called “entrepreneurship.”

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Human Capital
1) Human capital does not directly

earn repeated income
Despite this, human capital is still considered a

factor of production. (In some textbooks, it may
be combined with physical capital.)

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Human Capital

A) Labor with more education tends
to be worth more
There are very few workers with graduate

degrees. On average, these scarce workers will
earn more than those with less education.

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Human Capital

to be worth more
B) Owners earn money from their
entrepreneurial skills
For entrepreneurs, their human capital does not

come from schooling. Bill Gates, billionaire and
co-founder of Microsoft, never finished college.

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Human Capital

to be worth more
C) Technology has increased the
importance of human capital
Manufacturing, which used to be performed with

hand tools and simple machines, now requires
workers to understand complicated technology.

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Human Capital

to be worth more
2) Is human capital scarce?

A) Established knowledge is not
scarce since it is non-rival The amount of available knowledge is always
expanding. As long as the information is not
patented or copyrighted, anyone can utilize it.

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Human Capital

to be worth more
2) Is human capital scarce?

A) Established knowledge is not
scarce since it is non-rival Even though knowledge may not be scarce, the
ability to put it to productive use is limited since
B) But, one person’s human capital workers can never know everything.
capacity is limited
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Human Capital
What is an example of something that increases the amount of

human capital?

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Society Deals with Scarcity
Though people often confront scarcity on an individual basis, sometimes
society deals with scarcity collectively to achieve a more desirable result.

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1) Land provides natural

resources, but people want to
enjoy the natural landscape
If individual choices dictated land use, beautiful

landscapes might vanish. Government, instead,
has created national parks for everyone to enjoy.

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2) Labor needs to make enough
money to live, but we also want to
enjoy our free time
If labor decisions were left to individual firms,

workers could be exploited. Labor unions exist to
ensure good pay, time off, and worker safety.

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enjoy our free time
3) Physical capital owners want to
profit off the creation of goods, but
this creates pollution
When individual firms make production choices,

they do not worry about pollution. To combat
this, government passes laws to reduce pollution.

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enjoy our free time
3) Physical capital owners want to
profit off the creation of goods, but
this creates pollution
4) Human capital improves our
ability to make money, but we can One person can only possess a scarce amount of
human capital. Educational institutions confer
only spend so much time at school degrees to indicate which kind each person has.

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What effect does the U.S. Patent and Trademark Office have on
the scarcity of human capital?

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Not Enough
Class Activity
Create a system for dealing with scarcity in the scenario assigned to your group.
Think of ways you could both reduce the overall level of scarcity and allocate the
resource fairly. Answer the questions on the back and prepare to present your
solution to the whole class.
1) Parking Permits 2) Student Laptops 3) Zoology Elective 4) Varsity Rugby
5) Homecoming 6) Summer Interns 7) Basketball Game 8) Football Jerseys

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Not Enough
Your Group Deals with Scarcity
a) What is the title of your group’s scarcity

scenario?
b) What is your scarce resource? Which factor

of production does this represent?
c) One way to deal with a scarce resource is to

reduce its overall level of scarcity. How will
your group attempt to make your resource
less scarce?
d) Another way to deal with a scarce resource

is to devise a fair allocation system. How
will you decide who gets to enjoy your
scarce resource?

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Not Enough
Evaluate How Others Deal with Scarcity
Each group will present their plan to the whole class for feedback. Read the
description of your scenario and explain your solution. While listening to your
classmates, write possible objections to each plan below.
1) Parking Permits
2) Student Laptops
3) Zoology Elective
4) Varsity Rugby
5) Homecoming
6) Summer Interns
7) Basketball Game
8) Football Jerseys

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Desired Results, Revisited
Understanding Essential Question
Because resources are scarce, Can anybody ever have
individuals must make choices everything he/she wants?
that satisfy only some of their
wants.
Learning Goals
Level 1: Retrieval Level 2: Comprehension Level 3: Analysis
Recognize/Recall Explain how scarcity Compare and
basic terminology affects the decisions that contrast how
and information individuals make. economic
about scarcity and institutions affect
the four factors of scarcity.
production.

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Quiz
Section 1: Retrieval
1) As a factor of production, a hammer 6) A good example of labor acting as a
belongs in the category of factor of production is a
2) As a factor of production, a cashier at 7) Scarcity exists because resources are

the grocery store belongs in the
category of
8) An item is a factor of production if it is
3) As a factor of production, a worker
training program belongs in the
category of 9) In the United States, the largest factor
income comes from
4) A good example of physical capital
acting as a factor of production is a 10) Labor tends to be worth increasingly
more as the worker has increasingly
5) A good example of human capital more
acting as a factor of production is a

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Quiz
Section 2: Comprehension
11) Emily wants to buy a new house. How will scarcity affect
the decision she ultimately makes?
12) Emily also owns a small coffee shop. How does scarcity
affect the factors of production that contribute to her
business? What implications will this have for her
business?

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Quiz
Section 3: Analysis
13) Compare and contrast how labor unions and
environmental protection laws affect scarcity.

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Homework
Directions
Companies need to utilize all four factors of production to produce goods and
services. These are different than raw materials. In each section below, complete
the exercises related to the factors of production.
Version (a) Version (b) Version (c)

help provided on some questions standard level of difficulty interesting add-on questions

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Homework
Match Factors of Production
1) Cashier Match each item with its corresponding factor
2) Forklift of production. Write the correct letter in each
space. If the item is not a factor of production,
3) Soil write “raw material” instead.
4) Safety Training Program
5) Doctor
6) Iron Ore Deposits
7) Mississippi River
8) Degree in Economics
9) Warehouse A) Land B) Labor
10) Entrepreneurship
11) Oak Trees
12) Football Coach
13) University
14) Roads
C) Physical Capital D) Human Capital
15) Tractor
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Homework
Identify Similarities and Differences
16) For each set below, circle up to two 17) For each set below, circle up to two
phrases that describe factors of phrases that describe physical capital.
production.
– Used up in production – Is a tangible asset

– Not used up in production – Is an intangible asset
– Needed for production – Is a factor of production
– Earns repeated income – Usually owned by the worker

– Earns income once – Usually owned by the company
– Earns income for workers and owners – Not owned by anyone
– All three needed for production – Human-made resources

– All four are needed for production – Money and financial assets
– Converts natural resources into products – Education and skill of labor

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Homework
List Factors of Production
Two types of companies are listed below. For each one, list the necessary raw
materials, land, labor, physical capital, and human capital it needs to function and
make money. These should be specific examples of what the company needs.
Soft Drink Manufacturing Company Soybean Farm
18) Raw Materials 21) Physical Capital 23) Raw Materials 25) Labor
19) Land 22) Human Capital 24) Land 26) Physical Capital
20) Labor 27) Human Capital

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The Scarcity Principle
Enrichment Activity
Read below to learn how advertisers use the concept of scarcity to attract
customers. On the back side, answer the questions next to the sample
advertisement. Then, using the Internet, newspapers, or magazines, find a current
advertisement that uses this technique. Finally, answer the summary questions.

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Thurman Portable Electric Vacuum Cleaner
1) Which scarcity technique did this 3) Critique this advertisement. How

advertisement use? could it be changed to increase the
sense of scarcity?
2) Explain how this advertisement

attempts to create artificial scarcity.

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Locate an Advertisement
Locate a current advertisement that utilizes the Scarcity

Principle. Either sketch the advertisement or tape it into
the box to the right.
4) Which scarcity technique did this advertisement use?
5) Explain how this advertisement attempts to create

artificial scarcity.
6) Create a generalization about advertisements that use

the Scarcity Principle. What do they have in common?

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Summary Questions
7) Compare and contrast how effectively these two

advertisements utilized the Scarcity Principle.
8) Identify the problems with using the Scarcity Principle in

marketing. What could go wrong?

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Resources
PEDAGOGICAL RESOURCES
Textbooks
Krugman, P. & Wells, R. (2006). Economics. New York, NY: Worth Publishers.
Standards
Healy, E., Kopelman, D., McDonough, D., Milverton, A., & Thurber, A. (2020). AP macroeconomics: Course and exam description. College Board.
https://apcentral.collegeboard.org/pdf/ap-macroeconomics-course-and-exam-description.pdf
Healy, E., Kopelman, D., McDonough, D., Milverton, A., & Thurber, A. (2020). AP microeconomics: Course and exam description. College Board.
https://apcentral.collegeboard.org/pdf/ap-microeconomics-course-and-exam-description.pdf
Siegfried, J., Krueger, A., Collins, S., Frank, R., MacDonald, R., McGoldrick, K., Taylor, J., & Vredeveld, G. (2010). Voluntary national content standards in
economics (2nd ed.). New York, NY: Council for Economic. Education.
https://www.councilforeconed.org/wp-content/uploads/2012/03/voluntary-national-content-standards-2010.pdf
Main Pedagogical Resources

Brookhart, S. M. (2013). How to create and use rubrics for formative assessment and grading. Alexandria, VA: Association for Supervision and Curriculum
Development.
Larmer, J., Mergendoller, J., & Boss, S. (2015). Setting the standard for project based learning: A proven approach to rigorous classroom instruction. Alexandria,
VA: Association for Supervision and Curriculum Development.
Marzano, R. J. (2006). Classroom assessment and grading that work. Alexandria, VA: Association for Supervision and Curriculum Development.
Marzano, R. J. (2009). Designing and teaching learning goals and objectives. Bloomington, IN: Marzano Research.
Marzano, R. J. (2010). Formative assessment and standards-based grading. Bloomington, IN: Marzano Research.
Marzano, R. J., Pickering, D. J., & Pollock, J. E. (2001). Classroom instruction that works: Research-based strategies for increasing student achievement.
Alexandria, VA: Association for Supervision and Curriculum Development.
Pollock, J. E. (2007). Improving student learning one teacher at a time. Alexandria, VA: Association for Supervision and Curriculum Development.
Stiggins, R. J., Arter, J. A., Chappuis, J., & Chappuis, S. (2006). Classroom assessment for student learning: Doing it right-using it well. Portland, OR:
Educational Testing Service.
Tomlinson, C. A. (2001). How to differentiate instruction in mixed-ability classrooms (2nd ed.). Alexandria, VA: Association for Supervision and
Curriculum Development.
Tomlinson, C. A., & McTighe, J. (2006). Integrating differentiated instruction and understanding by design: Connecting content and kids. Alexandria, VA:
Association for Supervision and Curriculum Development.
Wiggins, G. P., & McTighe, J. (2005). Understanding by design (2nd ed.). Alexandria, VA: Association for Supervision and Curriculum Development.
Wiggins, G. P., & McTighe, J. (2011). The Understanding by Design guide to creating high-quality units. Alexandria, VA: Association for Supervision and
Curriculum Development.

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Resources
DATA RESOURCES
Slideshow
Bureau of Economic Analysis. (2019, September 26). Table 1.12. National income by type of income [Data file]. Retrieved from
https://apps.bea.gov/iTable/iTable.cfm?reqid=19&step=2#reqid=19&step=2&isuri=1&1921=survey
Tamborini, C.R., Kim, C., & Sakamoto, A. (2015 August). Education and lifetime earnings in the United States. Demography, 52(4), 1383-1407. doi:
10.1007/s13524-015-0407-0

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Resources
VISUAL RESOURCES
Title
pch.vector (n.d.). Rectangular calligraphic frames set [.jpg]. Retrieved from
https://www.freepik.com/free-vector/rectangular-calligraphic-frames-set_9176260.htm
Ahlefeldt, F. Man looking at his options [.jpg]. Retrieved from
https://www.publicdomainpictures.net/en/view-image.php?image=2577&picture=menu-of-life
Warm Up Activity
DeFacto (2017, May 28). Carisbrooke Castle gatehouse [.jpg]. Retrieved from
https://commons.wikimedia.org/wiki/File:Carisbrooke_Castle_gatehouse.jpg
igornelson (n.d.). Castle towers big set [.jpg]. Retrieved from
https://www.freepik.com/premium-vector/castle-towers-big-set_8069678.htm
busydesi (2019, March 22). tiedtoteachingcol [.jpg cropped]. Retrieved from
https://www.flickr.com/photos/25964809@N05/32499882107
igornelson (n.d.). Castle towers big set [.jpg]. Retrieved from
https://www.freepik.com/premium-vector/castle-towers-big-set_8069678.htm

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Resources
Slideshow 1 - Individuals Deal with Scarcity
Borland, A. BMW I8 High Performance Car [.jpg]. Retrieved from
https://www.publicdomainpictures.net/en/view-image.php?image=118826&picture=bmw-i8-high-performance-car
Citynoise (2008). Extermination of the American Bison to 1889 [.png]. Retrieved from
https://commons.wikimedia.org/wiki/File:Extermination_of_bison_to_1889.png
No Author (2018). 4k wallpaper, agriculture, clouds, countryside [.jpg]. Retrieved from
https://pxhere.com/en/photo/1563973
Feriirawan0808 (2019). Pizza delivery food [.png]. Retrieved from
https://pixabay.com/illustrations/pizza-delivery-food-4239775/
200degrees (2016). Sport football player soccer [.png]. Retrieved from
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Siedlecki, P. (n.d.). Clock icon [.jpg]. Retrieved from
https://www.publicdomainpictures.net/en/view-image.php?image=71182&picture=clock-icon
freepik (n.d.). Money bag background with hand drawn bills [.jpg]. Retrieved from
https://www.freepik.com/free-vector/money-bag-background-with-hand-drawn-bills_1121491.htm
Carfax2 (2013, June 15). The royal family [.jpg]. Retrieved from
https://commons.wikimedia.org/wiki/File:The_royal_family.JPG

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Resources
Slideshow 2 - Land
PublicDomainImages (2014, July 8). Soil tilling farmer [.jpg]. Retrieved from
https://pixabay.com/photos/soil-tilling-farmer-tractor-386749/
Clalsidyrose (2007). Cotton field, west Texas [.jpg]. Retrieved from
https://commons.wikimedia.org/wiki/File:Cotton_field,_West_Texas.jpg
US Department of Agriculture (2013, August 20). Corn shows the affect of drought in Texas [.jpg]. Retrieved from
https://www.usda.gov/media/blog/2014/02/11/southern-plains-climate-hub-seeks-address-three-huge-problems
Hebert, S. N. (2012, November 18). The view from aerial tour of Hurricane Sandy damage of New Jersey’s barrier beaches [.jpg]. Retrieved from
https://obamawhitehouse.archives.gov/blog/2015/01/30/new-flood-standard-federal-investments-will-help-communities-weather-
climate-change-
DajaGellerova (2018, October 22). Valley Alps village [.jpg]. Retrieved from
https://pixabay.com/photos/valley-alps-village-switzerland-3761597/

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Resources
Slideshow 3 - Labor
Rubenstein, H., ILGWU. (1958). A group of dressmakers on strike hold signs urging unionization and fair labor practices, 1958 [.jpg]. Retrieved from
https://www.flickr.com/photos/kheelcenter/5279689810
Hine, L. W. (1909, January 19). Mill children in Macon [.jpg]. Retrieved from
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Harpers Weekly (1886, May 15). The Haymarket riot [.jpg]. Retrieved from
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Chris (2006, September 17). Immigrants arriving at Ellis Island 1911 [.jpg]. Retrieved from
https://www.flickr.com/photos/83508181@N00/245963958
sigre (2015, October 13). Business people the company office [.jpg]. Retrieved from
https://pixabay.com/photos/business-people-the-company-office-1572059/

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Resources
Slideshow 4 - Physical Capital
No Author (n.d.). Yellow and black heavy equipment near unfinished building [.jpg]. Retrieved from
https://www.piqsels.com/en/public-domain-photo-jszhz
Patrice_Audet (n.d.). Press Gutenberg printing house [.jpg]. Retrieved from
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Pashminu (n.d.). Factory weaving machine [.jpg]. Retrieved from
https://www.needpix.com/photo/download/404448/factory-weaving-machine-textile-manufacturing-industry-yarn-fabric-industrial
lotvar (2016, July 9). Interior cafe Argentine restaurant [.jpg]. Retrieved from
https://pixabay.com/photos/interior-cafe-argentine-restaurant-1757105/

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Resources
Slideshow 5 - Human Capital
Sabakka, S. (2010, May 27). The graduates [.jpg]. Retrieved from
https://www.flickr.com/photos/sakeeb/4647211575
Shipp, K., US Department of Energy (2013, October 8). William (Bill) H. Gates, founder, technology advisor of Microsoft Corporation visits The
Department of Energy [.jpg]. Retrieved from https://commons.wikimedia.org/wiki/File:Bill_Gates_2013.jpg
Bullinger, J. SSC Atlantic hones additive manufacturing capabilities for Navy applications [.jpg]. Retrieved from
https://www.jbcharleston.jb.mil/News/Photos/igphoto/2001871845/
Iliff, D. (2015, July 21). The long room of the old library at Trinity College Dublin [.jpg]. Retrieved from
https://en.wikipedia.org/wiki/File:Long_Room_Interior,_Trinity_College_Dublin,_Ireland_-_Diliff.jpg
igormass (n.d.). Deadlines at work tired woman at her desk with a lot of documents [.jpg]. Retrieved from
https://www.freepik.com/premium-vector/deadlines-work-tired-woman-her-desk-with-lot-documents_9536482.htm
Wannenmacher, B. (2017, October 18). Open technology for an open society - open lecture hall [.jpg]. Retrieved from
https://commons.wikimedia.org/wiki/File:Open_Technology_for_an_Open_Society_-_Open_Lecture_Hall.jpg

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Resources
Slideshow 6 - Society Deals with Scarcity
St. John, J. (2013, June 5). Grand prismatic spring [.jpg]. Retrieved from
https://commons.wikimedia.org/wiki/File:Grand_Prismatic_Spring_2013.jpg
Rothstein, A. (1938). Farm labor union, Galena, Kansas [.jpg]. Retrieved from
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Siegmund, W. (2008, January 13). Anacortes refinery (Tesoro Corporation) [.jpg]. Retrieved from
https://commons.wikimedia.org/wiki/File:Anacortes_Refinery_31911.JPG
Williams, J. (2007, October 7). Widener Library, Harvard University (in full dress for the inauguration of the new university president – Drew Gilpin
Faust) [.jpg]. Retrieved from https://commons.wikimedia.org/wiki/File:Harvard_University_Widener_Library.jpg
U.S. Government (2003, August 26). Seal of the United States patent and trademark office [.png]. Retrieved from
https://commons.wikimedia.org/wiki/File:Seal_of_the_United_States_Patent_and_Trademark_Office.svg

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Resources
Class Activity
gstuidioimagen (n.d.). Parking signal over ray background [.jpg]. Retrieved from
https://www.freepik.com/premium-vector/parking-signal-ray-background-vector-illustration_3549323.htm
vladwel (n.d.). Computer laptop with blank empty screen for copy space text on workin desk table or workplace [.jpg]. Retrieved from
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illustration-flat-cartoon_7187265.htm
catalyststuff (n.d.). Cute polar bear with penguin cartoon vector icon illustration [.jpg]. Retrieved from
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isolated-premium-vector-flat-cartoon-style_17562624.htm
brgfx (n.d.). Seamless design pattern isolated on white [.jpg]. Retrieved from
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macrovector (n.d.). Dance pairs retro cartoon set [.jpg]. Retrieved from
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macrovector_official (n.d.). Countries flags landmarks [.jpg]. Retrieved from
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jemastock (n.d.). Basketball sport game set of items [.jpg]. Retrieved from
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djvstock (n.d.). American football player outfit in orange and black [.jpg]. Retrieved from
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brgfx (n.d.). Children learning in classroom [.jpg]. Retrieved from

https://www.freepik.com/free-vector/children-learning-classroom_4950487.htm
brgfx (n.d.). Work from home theme with boy doing homework [.jpg]. Retrieved from
https://www.freepik.com/free-vector/work-from-home-theme-with-boy-doing-homework_9296567.htm
brgfx (n.d.). Side view of a boy with laptop on the table on white background [.jpg]. Retrieved from
https://www.freepik.com/free-vector/side-view-boy-with-laptop-table-white-background_11403605.htm
brgfx (n.d.). A group of student in classroom [.jpg]. Retrieved from
https://www.freepik.com/premium-vector/group-student-classroom_2959885.htm
brgfx (n.d.). Children with blackboard banner [.jpg]. Retrieved from
https://www.freepik.com/premium-vector/children-with-blackboard-banner_3956807.htm

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Resources
Quiz
Brennan, P. (n.d.). New home construction [.jpg]. Retrieved from
https://www.publicdomainpictures.net/en/view-image.php?image=214814&picture=new-home-construction
No Author (n.d.). Coffeehouse, bar, shop, cafe, bar counter, indoors [.jpg]. Retrieved from
http://www.peakpx.com/624997/coffeehouse-bar-shop-cafe-bar-counter-indoors
Popovich, M. (2014, August 16). AFL-CIO headquarters, Washington, D.C. [.jpg]. Retrieved from
https://www.flickr.com/photos/mattpopovich/16026444486
Antony-22 (2019, February 23). EPA Breidenbach Laboratory 2019b [.jpg]. Retrieved from
https://commons.wikimedia.org/wiki/File:EPA_Breidenbach_Laboratory_2019b.jpg

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Resources
Homework
Practice
freepik (n.d.). People going to university illustration concept [.jpg]. Retrieved from
https://www.freepik.com/free-vector/people-going-university-illustration-concept_9031494.htm
freepik (n.d.). People going to university illustration [.jpg]. Retrieved from
https://www.freepik.com/free-vector/people-going-university-illustration_9031492.htm
US Fish and Wildlife Service (2010). Connecticut river, sunderland, MA [.jpg]. Retrieved from
https://www.flickr.com/photos/usfwsnortheast/4751531667
Rubenstein, H., ILGWU. (1958). A group of dressmakers on strike hold signs urging unionization and fair labor practices, 1958 [.jpg]. Retrieved from
https://www.flickr.com/photos/kheelcenter/5279689810
Pashminu (n.d.). Factory weaving machine [.jpg]. Retrieved from
https://www.needpix.com/photo/download/404448/factory-weaving-machine-textile-manufacturing-industry-yarn-fabric-industrial
Sabakka, S. (2010, May 27). The graduates [.jpg]. Retrieved from
https://www.flickr.com/photos/sakeeb/4647211575
brgfx (n.d.). Soda can in aluminum on white [.jpg]. Retrieved from

https://www.freepik.com/free-vector/soda-can-aluminium-white_5135995.htm
user23421432 (n.d.). Set of soy bean plant with ripe pods and green leaves [.jpg]. Retrieved from
https://www.freepik.com/premium-vector/set-soy-bean-plant-with-ripe-pods-green-leaves-whole-half-green-dry-brown-pods-soy-
seeds-isolated-white-background-bush-legume-plant-cartoon-flat-style_10404323.htm
Enrichment Activity
elzafahrurrozi (n.d.). Einstein mascot [.jpg]. Retrieved from
https://www.freepik.com/premium-vector/einstein-mascot_5707978.htm
Compressed Air and Vacuum Cleaning Company (1910, February 20). Thurman portable vacuum cleaner (1910) (ADVERT 97) [.jpg]. Retrieved from
https://commons.wikimedia.org/wiki/File:Thurman_Portable_Vacuum_Cleaner_(1910)_(ADVERT_97).jpeg
Pessar, P. (2016, May 29). Sports Authority going out of business sale [.jpg cropped]. Retrieved from
https://www.flickr.com/photos/southbeachcars/26723424894

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Scarcity

Copyright © 2022 Nick Samsal

Lesson 2 Individuals Deal Desired Results,

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Step 1 Step 2 Step 3

(a) Guided Notes Big Ideas Summary

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1) Scarcity exists because...

You may think that wants are limited. After all,

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1) Scarcity exists because... The Extermination of the American Bison to 1889

A) Wants are unlimited

Even the most seemingly unlimited resource can

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1) Scarcity exists because...

2) Individuals must make choices

Even in a vast countryside, individuals must

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1) Scarcity exists because...

2) Individuals must make choices

For example, would you rather play soccer on the

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1) Scarcity exists because...

2) Individuals must make choices

Suppose you choose to spend your time

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1) Scarcity exists because...

2) Individuals must make choices

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Can anybody ever have everything he/she wants?

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1) Raw materials are inputs, not

This picture depicts all four factors of production

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1) Raw materials are inputs, not

2) Land is a factor of production