Scarcity

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.

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

Economics is the study of how people 

• Calculate their income tax
• Chose from limited resources to meet their needs
• Respond to war and drought 
• Gain knowledge and skills from study and experience

What is the difference between a shortage and scarcity? 

• A shortage is temporary but scarcity always exists 
• A shortage results from rising prices; scarcity results from falling prices 
• A shortage is lack of all goods and services; scarcity concerns a single item 
• There is no real difference between a shortage and scarcity

When people need to make economic choices due to a lack of available goods and money, this is called _________________________ in economic terms.

• trade offs
• scarcity
• opportunity cost
• incentive