Economics Pictures

Claire Hogan, Pd. 5

This empty fridge represents scarcity. There isn't enough food in the fridge to feed the demand for food, so food is scarce.

This image represents private property. The heartless girl in the photo is refusing to share her delicious icy treat with her brother because it is her private property. Thus, she has the right to do with it what she wants, as long as it doesn't violate others rights.

This image represents competition. The brands of Pepsi and Coke are fighting in order to get consumers to buy THEIR product, not the competition's. This sort of fighting will most likely result in tastier soda at lower prices.

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