Scarcity & Econ 101 #1

Something we desire but that is not necessary for survival

Something essential for survival

Physical objects that someone produces

An action or activity that one person performs for another

SELECT ALL THAT APPLY: Which one of these is an example of a scarce resource?

SELECT ALL THAT APPLY: "Ozark" is the most popular show on Netflix, according to viewer surveys. Netflix is an example of a: _______ & _______.

SELECT ALL THAT APPLY: Over 490 million tons of rice were consumed worldwide in 2018-19. Rice is an example of a _______ & ________.

The fact that there are limited amounts of goods and services to meet unlimited wants is called:

Economics is the study of how people seek to satisfy their needs and wants by making choices