Economics and Scarcity

Scarcity, Production & Trade-offs

A Quizizz.com Lecture

Multiple Choice

Which of the following is the best "economics" definition for the word "Resource?"

• A material removed from earth using human labor

• Anything that can be used to make something else

• When you "source" again and again and again.

Multiple Choice

During the industrial revolution, new machines made it possible to produce products more rapidly and less expensively than ever before. As a result, one could argue that the economic growth created by the industrial revolution was founded on an increase in.... which of these "factors of production?"

• Land

• Labor

• Physical Capital

Multiple Choice

Which of the following is the best "economic" definition of "Scarcity?"

• Scarcity is a state of shortage, in which people don't have enough of an important resource... like food.

• Scarcity is when people have been badly beaten up, and so everyone has lots of "scars." Get it, it's like "Scar-city"

• According to the principle of scarcity, society ALWAYS has limited resources and so it can never produce all the goods & services people wish to have.

Multiple Choice

Which of the following resources is NOT (technically) scarce? (Even if it is a bit unusual)

• Appleseed

• Corn

• Knowledge of Central Asian Geography

Multiple Choice

Which of the following resources is NOT scarce?

• Diamonds

• Smallpox

• Copper