Vocab Review
* Scarcity
o Land
o Labor
o Capital
o Entrepreneurship
Cf. Stone, p. 8.
Bade and Parkin, Chapter 1.1, 1.2
Related material:
* Accounting Cost
* Opportunity Cost
* Production Possibilities Curve
* Marginal Cost
* Marginal Benefit
* Capitalism
* Command Economy
* Traditional Economy
* Comparative Advantage
Cf.
McConnell/Brue who have a bit on scarcity
Scarcity and choice
* Resources can only be used for one purpose at a time.
* Scarcity requires that choices be made.
* The cost of any good, service, or activity is the value of what must be given up to obtain it.(opportunity cost).
but also topics connected to scarcity.
Cf. Scarcity and Choice by Liudmila Guinkel who has suggested a one or two class periods lesson and class activity on the topic.
