Scarcity & Opportunity Cost

Which of these is NOT an example of a need?

• Water
• Food
• watch
• Shelter

the study of how people try to satisfy what appears to be seemingly unlimited and competing wants using scarce resources.

• 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.8.2

CCSS.RL.11-12.2

CCSS.RL.7.2

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

• when society doesn’t have enough resources to produce all things we need/want

• 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?

• unlimited resources

• not enough materials

• Poor Distribution of Resources

• Rapid Increase in Demand

Which of the following resources can be scarce? Select all that apply

• Food

• Money

• Water

• Trees

When a resource becomes scarce, what do you think happens to its cost?

• The cost increases

• The cost stays the same

• The cost goes down

• The cost doubles

True/False: Human wants will always exceed available resources.

• TRUE

• FALSE