
From the 10 items,
which one you can and
cannot live without ?

For the items you
cannot live without,
explain why…
Needs & Wants

People can NOT have
all the goods and
services they want!

You must choose some
things and give up
others!
Wants

Something that you want, but can live
without!
Needs

Something you have to have to survive!
Food
 Shelter
 Clothing


If you’re lucky enough to have the 10
items, does this mean that you no longer
have any wants ?
Homework – you may discuss…

Activity 1.2 page 10

Submission: Monday,
July 20, 2020
We live in a world with great wealth and abundance.
So, why scarcity still happen?
Economic activities are here to satisfy human wants
and needs
So why it is still not enough?
Economic Problem
There
are scarce
resources in relation to
infinite or unlimited
wants.
Definition
The benefit that we are giving up
from not having the next most
desirable item
School uniform
IPod
School
Expensive vacation
Adding value
How a business add
value to a product?

*Design an exclusive &
attractive retail
environment
*High quality packaging
*Promote & brand the
product e.g. Coca Cola
& jeans
*Create USP