Unit 1 Review - Midterm

Front

What is an economic want?

Back

Things people would like to have.

Front

Scarcity means:

Back

Not enough of something you wanted

Front

If 5 people want an ice-cream, is there a scarcity?

Back

Yes, there is a scarcity.

Front

If 8 people want a stuffed animal, is there a scarcity?

Back

Yes, there is a scarcity.

Front

If 2 people want a soccer ball, is there a scarcity?

Back

No, there is not a scarcity.

Front

Who is affected by the condition of scarcity?

Back

All societies

Front

Why do all societies have to make decisions about how resources will be used?

Back

There are not enough resources for those who want them

Front

Scarcity is defined as a limited supply of resources and...

Back

unlimited wants for available resources

Front

Why do we have to make production choices about available resources?

Back

Scarcity

Front

Land includes...

Back

The "gifts of nature" or natural resources not created by human effort.