0101 Scarcity, Specialization and Division of Labor

Multiple Choice

Which of the following is NOT a focus of economics?

• How goods and services are produced

• How goods and services are consumed

• How choices are made at individual and global levels

• How to increase unlimited resources

Multiple Choice

Which of the following best explains why societies must make choices about how to use resources?

• Because resources are unlimited and wants are limited

• Because wants are unlimited and resources are limited

• Because resources and wants are both unlimited

• Because choices are not necessary in economics

Multiple Select

Which of the following are considered resources in economics?

• Labor

• Land

• Raw materials

• Unlimited wants

Open Ended

Explain how specialization and trade help solve the problem of scarcity in modern economies.

Open Ended

Why does specialization lead to higher-quality work and innovative improvements in production?

Open Ended

Summarize one key concept you learned today about scarcity, specialization, or division of labor, and explain how it might apply to real-world situations.