Economic Concepts: A Study
By Andrew Nicholson, DD.R, Esq.
This image of multiple eraser-less pencils and one eraser demonstrates scarcity: Where there are unlimited wants, or demand, and not enough resources, or supply.
This picture of a warehouse full of boxes of goods shows supply: The amount of product a producer will create and/or sell.
This picture illustrates the consumer: Someone who wants a good or service and is willing to pay money for it.
This picture represents demand: The amount of people who wish to purchase something for a given price.