frontpage : what is the most important resource in the middle east? why?
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FrontPage : What is the most important resource in the Middle East? Why?. SNACK-ADIUM. Last Word: SR 1.1 and 1.2 due Tuesday. Scarcity, Shortages and Choice. Chapter 1, Section 1 Academic Economics. Scarcity. Everything that exists is limited. - PowerPoint PPT PresentationTRANSCRIPT
FrontPage: What is the most important resource in the Middle East? Why?
Last Word: SR 1.1 and 1.2 due Tuesday
SNACK-ADIUM
Scarcity
People have unlimited wants, and also have competing uses for the resources that can be used to produce anything
Thus, this “scarcity” of resources is the basic problem of economics.
Everything that exists is limited
Competing Uses For Resources
What all can you do with the following items? (try to name 2-3 things)• Oil
• Corn
• Steel
• Time
• Glass
Shortages
What was in short supply or in need before or after Hurricane Sandy?• Occupations?• Materials?• Food?
• Temporary situations • Usually occurs after a natural disaster or other “crisis” event