Scarcity

Something we desire but that is not necessary for survival

• Want

• Need

• Good

• Service

Something essential for survival

• 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

Scarcity forces us to make economic decisions

• True

• False

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

• True

• False