Warm-Up Resources And Scarcity

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Warm-Up?Resources and ScarcityLessonQuestionLesson GoalsLearn about the basics of resources and scarcity.W2KDescribe the differentExamine the effects ofof resources used in an economy.on how resources are used.Words to KnowFill in this table as you work through the lesson. You may also use the glossary tohelp you.allocatesomething among those who need ortowant itvaluetheof an item in consideration with goods,services, or ythat, once used, is no longer availablea resource that can bethe idea that all resources aremeet unlimited wants and needs Edgenuity, Inc.1after useand insufficient to

Warm-UpResources and ScarcityMaking ChoicesTo raise money for your softball team, you are selling snacks at the basketballgame. You have a budget of 200. You only have enough space to sell one product. You can sell either pizza or juice.A business has to decide what to sell based on various factors, including whichproduct costs them theand which one will net themoney when they sell it. They also must consider which product customers willthe most. Edgenuity, Inc.2

InstructionResources and ScarcitySlide2ResourcesResources are things people use to makeand. The metal that is used to make a car The computer that is used to create a website The work that a carpenter does building a houseTypes of Resources: Things found in nature, such as minerals and water: The effort and skills of people: Machinery and equipment used to make products4Renewable ResourcesSome resources are renewable, meaning they can beExamples include: solar energy. trees. crops. Edgenuity, Inc.3after use.

InstructionResources and ScarcitySlide4Nonrenewable ResourcesSome resources are nonrenewable, meaning theyafter use.be replacedExamples include: crude oil, or petroleum. natural gas. many other minerals taken from the ground.CategorizingCategorizing involves two steps.Water1. Looking forqualities that objects havein common2.IronobjectsGoldtogether based upon theircommon qualitiesLumberSolar energy Edgenuity, Inc.4

InstructionResources and ScarcitySlide6The Move toward Renewable EnergyThe United States has beenresources.from nonrenewable to renewable. Renewable energy use is Renewable energy makes up about 9 percent of energy used.8ScarcityScarcity is the idea that all resources are. Resources cannot fulfill unlimited wants and needs. Scarcity explains why a resource haswilling to pay for it.and people areThe Concept of ScarcitywantsresourcesScarcity Edgenuity, Inc.5

InstructionResources and ScarcitySlide8What Scarcity MeansScarcity affects individuals and economies around the world. Individuals must make Economies must decide how to, or distribute,.10Scarcity and ValueScarcity affects the value of a resource. Thescarce a resource, the more consumers are willing topay for it. Thescarce the resource, the less consumers are willing topay for it.Scarcity and Resource DecisionsResources that are scarce are: . often used only where they are required.Resources that are less scarce are: less costly.goods. often used to make Edgenuity, Inc.6

InstructionResources and ScarcitySlide10How Scarcity Affects Resource DecisionsCompany A makes uniforms for athletes who need high-performance equipment.price for the uniforms. It wants to charge a, more costly, high-performance fabrics. It uses moreHow Scarcity Affects Resource DecisionsCompany A makes uniforms forathletes who need high-performanceequipment.Company B makes clothes for awide audience that wants low-costclothing. It wants to charge a It wants to charge aprice for theprice for itsclothes.uniforms. It uses more scarce,more It uses less scarce, less, high-fabrics.performance fabrics. Edgenuity, Inc.7

Summary?Resources and ScarcityLessonQuestionHow does scarcity affect the value of resources?AnswerSlide2Review: ResourcesResources are things people use to make goods or services. Basic types of resources include land, labor, and There are renewable resources and.resources.Review: The Effect of ScarcityScarcity happens because wants and needs are without limit, but resourcesare limited. Scarcity means that we all must makeand wants to meet. Resources must be Edgenuity, Inc.8about what needs

SummaryResources and ScarcityUse this space to write any questions or thoughts about this lesson. Edgenuity, Inc.9

Resources and Scarcity 6 Slide 8 The Move toward Renewable Energy The United States has been from nonrenewable to renewable resources. Renewable energy use is . Renewable energy makes up about 9 percent of energy used. Scarcity Scarcity is the idea that all resources are . Resources cannot fulfill unlimited wants and needs.

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