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Summary: Concept: Scarcity Definition: Scarcity is the condition of not being able to have all of the goods and services that you want. Comprehension Questions: Explain why Sam and Victoria do not have an economic problem in the beginning of the story? (They had enough cookies to share to satisfy their economic wants.) Identify the economic problem that grew each time the doorbell rang. (There were fewer and fewer cookies for each child. A scarcity situation began to develop.) Describe how their problem was solved when grandma arrived. (She brought more cookies and solved the scarcity problem.) Other Concepts: Economic Wants, Goods
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