warm-up life: the realities of scarcity and

8/14/2019 Warm-Up LIFE: The Realities of Scarcity And

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Warm-up

LIFE:

The realities of scarcity and choice

Things I need to live include

Things I want to have include


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Factors that can influence your

decisionsValues

Peers Feelings (love,

anger,

frustration,ambivalence,rejection)

Habits

Family

Risks andconsequences

Age

Discussion question: when it comes to

buying things, which of the above factors


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What is Economics?Todays Agenda:

I. Thomas Malthus and Economics as the DismalScience

II. Discuss Malthusian prediction

III. California growth patterns new period ofMalthus?

IV. Article

V. Consequences of CA growth are we doomed?

VI. What is scarcity? What is economics?

VII.Categorizing Resources


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Economics: The Dismal Science?

Thomas MalthusBritish Economist

In 1798, Malthus was alarmed by the growing population of

Britain. He believed that if the population continued to grow at

its present rate, soon the population would outstrip the amountof food being produced. He also saw a Catch 22: If we did

figure out a way to increase productivity, that would just

stimulate further population growth.


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Malthusian graph

Food production

Population growth

Shortage of

food = mass

starvation

Surplus of

food

Time

#


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The Dismal Science

Malthus pessimistic prediction gavethe study of economics the nickname:

The Dismal Science

As it turned out, Malthus was wrong.

Why do you think his predictions about mass starvation

never happened despite the fact the population

continued to grow?


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Rapid Population Growth in California:

A Threat to Land and Food Production

By DAVID PIMENTAL

DIRECTIONS FOR READING:

1. PAIR UP WITH PERSON NEXT TO OR BEHIND YOU.

2. ROTATE READING PARAGRAPHS TO EACH OTHER

3. DISCUSS THE FOLLOWING POINTS:

1. What is Pimental worried about?

2. What are some of the scariest predictions he makes?

3. What are his solutions? Do you agree with them?


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CALIFORNIA POPULATION GROWTH

California Population Growth, 1850 - 2000


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California Population Projections, 2000-2040:


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Water shortages


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Traffic


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Los Angeles, CA

London, England

Mexico City, Mexico


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Lets Recap

In the last one hundred years, Californias population has

increased from roughly 2.5 million people to approximately 38

million people today!

Through births, immigration, and migration, CAs population is

expected to surpass 64 million people by 2035!

Unless there is major seismic or volcanic action, CA size will notchange.

As a society, we will have to make homes for these new people,

create jobs, provide food, and find more fresh water!!!!!!

What do you think: Are we doomed?

This is what economics is all about. This is why it is sometimes

referred to as the dismal science.


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Scarcity and Economics

Economics = The study of choice and decision-

making in a world defined by scarcity (limited

resources.)

Scarcity means that available resources areinsufficient to satisfy all wants and needs. Absent

scarcity and alternative uses of available resources,

there is no economic problem.


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Resources (also known as Factors of Production)

I. Land

II.Labor

III.Capital

IV.Entrepreneurship/HumanCapital


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LAND: Things from Earth

Fields

Mountains and Water

Forests

Oil


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LABOR:The work done by people


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CAPITAL:any form of wealthcapable of being employed in the production

of more wealth (goods to make more goods)


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ENTREPRENEURSHIP

AND HUMAN CAPITALThe brains behind invention and new ideas


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JORDAN IVs

Land? Labor? Capital? Entrepreneurship/Human Capital?

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