Scarcity

When you have to make a choice, this is the best of the options that you DIDN'T pick. It's what you had to give up in order to go with the choice that you made.

• Trade

• Specialization

• Interdependence

• Opportunity Cost

Not being able to have all of the goods and/or services that you want because people have endless wants, but goods and services aren't endless. So people are forced to make choices.

• Scarcity

• Trade

• Standard of Living

• Human Resources

Something we desire but that is not necessary for survival

• Want

• Need

• Good

• Service

Something essential for survival

• Want

• Need

• Good

• Service

Physical objects that someone produces

• Want

• Need

• Good

• Service

An action or activity that one person performs for another

• Want

• Need

• Good

• Service

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

• Time

• Money

• Food

• Oil

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

• Good

• Service

• Want

• Need

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

• Good

• Service

• Want

• Need

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

• Scarcity

• Shortage

• Surplus

• Economics