Scarcity: The Basic Economic Problem (Ch. 1.1)

Open Ended

Identify 2-3 wants that you have right now. How does scarcity affect your efforts to meet these wants?

Multiple Choice

Why does the problem of scarcity lead to asking the three economic questions?

• because resources are unlimited but human wants are easily satisfied

• because every society has too few resources to meet unlimited wants

• because people always want the same goods regardless of availability

• because scarcity only affects poor countries

Open Ended

Think of a product that you recently purchased. How do you think the four factors of production were used to create this product?