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Discussion (5 minutes)
Work in groups of five. Discuss if everyone believes they have enough resources (i.e. land, workers and equipment) to sufficiently provide for all they want in life. Keep in mind these are wants as opposed to needs (wants are for meeting a desired life style while needs are for meeting basic survival). Next, consider if access to resources was doubled, would things be different?
What is economics?
Economics is the study of how societies allocate scarce resources (which are?) in an attempt to meet the virtually limitless wants/needs of consumers.
