What is the ProblemWhat is the ProblemFaced by the Bears Faced by the Bears

Family?Family?

Why can’t bear cubs have Why can’t bear cubs have everything?everything?

Why can’t Mom & Pop Bear give cubs Why can’t Mom & Pop Bear give cubs everything??everything??

Why can’t you have everythingWhy can’t you have everything

““SCARCITY”SCARCITY”

Occurs when:Occurs when: OurOur Wants are greater than our resourcesWants are greater than our resources

““I can’t have everything I want”.I can’t have everything I want”.

If only it we could!If only it we could!

ScarcityScarcityIt’s about It’s about RESOURCESRESOURCES

MoneyMoneyThingsThingsTimeTimeServicesServices

and and WANTSWANTS..

SCARCITYSCARCITYYOU CAN’T YOU CAN’T

HAVE HAVE EVERYTHING EVERYTHING YOU WANT!YOU WANT!

The inability of The inability of limited limited resourcesresources to satisfy people’s to satisfy people’s wantswants

Scarcity is the Villain!!!!!!Scarcity is the Villain!!!!!!

Some things that are Some things that are notnot scarcescarce

AirAir

Snow in some parts Snow in some parts of the countryof the country

GarbageGarbage

PollutionPollution

DirtDirt

Used gumUsed gum Pine cones in Pine cones in

WrightwoodWrightwood Sand at the beachSand at the beach Cowrie shells in Cowrie shells in

MombassaMombassa Drunk driversDrunk drivers

The test of The test of scarcityscarcity

The resource has an The resource has an alternative use.alternative use.

People who want it have to People who want it have to give something up to obtain it.give something up to obtain it.

A choice has to be madeA choice has to be made

Scarcity is Scarcity is notnot:: PovertyPoverty

all poor face scarcityall poor face scarcity all who face scarcity are not poorall who face scarcity are not poor

RarenessRareness a rare tropical diseasea rare tropical disease

NeedsNeeds Scarcity is Scarcity is wantswants, not needs, not needs

You “need” to eat, You “need” to eat, but you choose what, where, when you “want”but you choose what, where, when you “want” Your choice depends on ??Your choice depends on ??

Some things that are Some things that are scarcescarce

PencilsPencils YachtsYachts SteaksSteaks MoviesMovies EconomistsEconomists DentistsDentists Refuse collectorsRefuse collectors

Paper clipsPaper clips AutomobilesAutomobiles TeachersTeachers ShoesShoes Compact DisksCompact Disks ComputersComputers Computer Computer

programmersprogrammers

Why do .......Why do ....... some very good some very good

students get students get mediocre grades?mediocre grades?

hospitals turn hospitals turn pregnant women pregnant women away?away?

servers give less servers give less than perfect than perfect service?service?

colleges turn colleges turn students away?students away?

colleges have colleges have large classes?large classes?

colleges offer so colleges offer so few courses?few courses?

some parents some parents spend little time spend little time with their with their children?children?

Why don’t.......Why don’t....... we provide organ we provide organ

transplants for all transplants for all who want them?who want them?

we prevent death we prevent death from dirty air? from dirty air?

we educate all we educate all young children in young children in their native their native language?language?

you study 24 you study 24 hours a day?hours a day?

you spend 24 you spend 24 hours a day with hours a day with your loved your loved one(s)?one(s)?

you sleep more?you sleep more?

Scarcity is the Villain!!!!!!Scarcity is the Villain!!!!!!

Who is the villain when:Who is the villain when:

You don’t get the service you want at You don’t get the service you want at a restaurant?a restaurant?

You don’t get the service you want You don’t get the service you want from the registrar?from the registrar?

You are put on hold by the secretary?You are put on hold by the secretary? You don’t get tickets to the concert?You don’t get tickets to the concert?

Do Rich People Face Scarcity?Do Rich People Face Scarcity? Do they make choices? Do they make choices? Examples? & what is the scarce resource?Examples? & what is the scarce resource?

Where to go on vacation?Where to go on vacation? Which Rolex watch to purchase?Which Rolex watch to purchase? Which charity to give money to?Which charity to give money to?

Does Bill Gates ever have to Does Bill Gates ever have to make choices?make choices?

Give examples of Give examples of ““Scarcity”Scarcity” faced by: faced by:

Your family?Your family? Adults?Adults? Teenagers?Teenagers? Communities?Communities? Schools?Schools?

How solve the problem?How solve the problem?

Scarcity is PervasiveScarcity is Pervasive Rich AthleteRich Athlete Donald TrumpDonald Trump Joe or Jane RockstarJoe or Jane Rockstar Dr. UrmannDr. Urmann The PresidentThe President Your parentsYour parents

You can’t eliminate You can’t eliminate scarcityscarcity

But you can learn to But you can learn to deal with it!deal with it!

We see the Bear cubs We see the Bear cubs both waysboth ways

11stst: Not accepting scarcity: Not accepting scarcity 22ndnd : Accepting scarcity : Accepting scarcity

Your reaction Your reaction to scarcity?to scarcity?

Yell, scream, whine, moan, Yell, scream, whine, moan, whimperwhimper

Accept scarcity and see if there Accept scarcity and see if there is anything you can do to is anything you can do to change, or live with the situationchange, or live with the situation

Examples of Not Examples of Not Accepting Scarcity?Accepting Scarcity?

I’ll put it on the credit card.I’ll put it on the credit card. I’ll get up early to study.I’ll get up early to study. I need a new car; I can get a loan.I need a new car; I can get a loan. Let’s go to Vegas.Let’s go to Vegas.

When did you choose When did you choose NOT to accept scarcity?NOT to accept scarcity?

ScarcityScarcityIt’s about It’s about RESOURCESRESOURCES

MoneyMoneyThingsThingsTimeTimeServicesServices

and and WANTSWANTS..

““Scarcity”Scarcity” One of the most important concepts One of the most important concepts

in in

““ECONOMICS”ECONOMICS”

““The Study of humankind making a The Study of humankind making a living”living”