Scarcity-Economics

Which of these is NOT an example of a need?

• Water
• Food
• watch
• Shelter

What is a need?

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

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

What is it called when you choose between two possible uses for a resource, giving up one alternative for another?

• Trade Offs
• Real Costs
• Building materials
• Trading spaces

When we have to give up one thing, in order to choose another thing

• opportunity cost

• diversity

• capital

• income

What is one way that we can deal with situations of scarcity?

• rationing the good that is in short supply

• native

• cropland

• none of the above

Which of the following is NOT an example of a resource

• Land

• Capital

• Labor

• Money

Which of the following is an example of a capital resource?

• water

• a business idea

• a warehouse

• oil