On Monday, we learned, about scarcity (which has two meanings. 1: A situation where we want more than what we have. 2: When a resource has more than one VALUABLE use). We also learned that Economics isn't about money but the study of choices made by humans. On Tuesday, we learned about gangs and why people (especially the youth) are so interested in joining gangs despite knowing how dangerous it could be. We learned things such as how gangs make so much money (delving a tiny bit into the history of drugs and how drugs such as crack, cocaine, and heroin affect gangs), and how gang members/leaders get kids involved in gangs through making offers to the children (offer one thing in exchange for something to the member, and as the kid wants more, the gang member makes increasing desires. For example, offering a PS3 in exchange for washing the member's car every day for a month, and so on until the kid practically becomes a part of the gang). On Wednesday, we learned about the black rhinos and how people's choices and how poachers are affecting their decreasing population, and how economists and people around the world are coming up with ideas to try to save these rhinos. During Finance Friday, we learned about how we can all become millionaires if we use our money wisely, and we learned the difference between being rich and being wealthy (which is that if you're rich, it only takes a couple severe incidents and you could go broke, but being wealthy makes it very hard to go broke).
The impact scarcity has on the Pumpkin Spice Latte at Starbucks is that it has more than one valuable use (making money for Starbucks, satisfying the people...), and there is also a limited time to get it. So people will be eager to get it.
I think that water is more valuable because water not only has multiple uses (bathing, hydrating, relaxing, exercise...) but is also a limited resource.
