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​Chapter 1

​Basic Economic Concepts

​Chapter 1

​Basic Economic Concepts

When resources are limited, but human needs and wants are unlimited.

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​Some text here about the topic of discussion.

​Scarcity

Draw

What is meant by scarce?

Multiple Choice

Scarcity means:

• Too much of something you wanted

• The exact amount of something you wanted

• Not enough of something you wanted

Multiple Choice

Who is affected by the condition of scarcity?

• The rich

• Large economies

• All societies

• Producers (ie: businesses)

Multiple Choice

What is an economic want?

• Things people need in order to survive.

• Things people would like to have.

• Things people don't want anymore.

Multiple Choice

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

• Yes, there is a scarcity.

• No, there is not a scarcity.

Multiple Choice

If 6 people want a pencil, is there a scarcity?

• Yes, there is a scarcity.

• No, there is not a scarcity.

Multiple Choice

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

• Yes, there is a scarcity.

• No, there is not a scarcity.

Multiple Choice

If 3 people want a candy bar, is there a scarcity?

• Yes, there is a scarcity.

• No, there is not a scarcity.

Multiple Choice

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

• Yes, there is a scarcity.

• No, there is not a scarcity.

Multiple Choice

If 20 people want a soda, is there a scarcity?

• Yes, there is a scarcity.

• No, there is not a scarcity.

Multiple Choice

If 10 people want a piece of gum, is there a scarcity?

• Yes, there is a scarcity.

• No, there is not a scarcity.

Multiple Choice

If 4 people want a bike, is there a scarcity?

• Yes, there is a scarcity.

• No, there is not a scarcity.