Description should include the definition of scarcity (limited resources vs. unlimited needs and wants) and the definition of abundance (limited wants that create a surplus of products) and illustrations of how each phenomenon affects the global economy. Sustainability and other issues should be included, such as
- green (or organic) marketing
- fair trade.
Process/Skill Questions:
- How is the concept of scarcity related to the global economy?
- How is the concept of abundance related to the global economy?
- How can scarcity force a nation to make economic choices?
- What occurs if the domestic economy has a scarcity of resources?
- What occurs if the domestic economy has an abundance of resources?
- How can scarcity affect various industries (e.g., fashion, agriculture, pharmaceuticals)?
- How would the U.S. economy be affected without world trade?
- How do natural and man-made disasters affect the resources of a country?
- How does a country determine what to export and import based on resource imbalances?
- What are examples of businesses practicing organic marketing?