Scarcity

Which of these is NOT an example of a need?

• Water
• Food
• watch
• Shelter

The study of resources such as money, materials, and labor

• economics
• services
• producers
• goods

What is a need?

• Nothing
• Something you have to have to live
• Something you would like to have
• Ice cream

Tags

CCSS.RI.7.2

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.8.1

CCSS.RL.9-10.2

What is a want?

• A person
• Something you would like to have but don't need to live
• Purple
• Something you need to live

Tags

CCSS.RI. 9-10.2

CCSS.RI.11-12.2

CCSS.RL.11-12.2

CCSS.RL.8.2

CCSS.RL.9-10.2

The definition of Scarcity is...

• An unlimited amount of resources to meet limited wants and needs
• A limited amount of resources to meet unlimited wants and needs.
• When people use time and energy to create events
• a city where individuals commit themselves to unlimited wants and needs

Considering all the questions above, it all comes down to ___________________. These are decisions we all must make due to scarcity.

• trade offs
• scarcity
• choice
• incentive

Which one of these is NOT a cause of scarcity?

• overproduction of time
• not enough materials
• Poor Distribution of Resources
• Rapid Increase in Demand

Which of these is NOT a way we deal with Scarcity?

• Creating more resources
• Doing without something
• Making better use of our resources
• Expanding time

What is the definition of Real Costs?

• Only the the main element used in creating a product

• Every minute used to sell an item

• costs that are not subjective as opposed to interjection

• All of the resources used to produce a good or service.

True or False: Most resources can be used for only one thing at a time.

• True 
• False