Title: Describe the fundamental challenge of scarcity vs. abundance in the global economy.
Course: Opportunities in Global Trade (12056-I) > Section: Exploring the Realities and Fluctuations of the Global Economy

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 related to "green or organic marketing" and "fair trade" should be included.

Process/Skill Questions:

- How is the concept of scarcity related to global economy?
- How is the concept of abundance related to 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 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/import based on its resource imbalance?
- What are examples of businesses practicing organic marketing?