Topic 1.1 Scarcity

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

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

• True
• False

When producers will not or cannot offer goods or services at the current prices 

• Shortage
• Scarcity

What is the fundamental problem of economics? 

• How to keep consumers out of debt?
• How to fulfill our unlimited wants and needs with limited resources?
• How to figure out the way to make the most money?
• How do we ensure all people get a college education?

TRUE or FALSE: We can have everything that we want because we have unlimited resources.

• TRUE

• FALSE

Why is time considered to be scarce?

• Humans live forever

• Humans do not live forever

• Humans can live forever because of cryonics

• Humans do not live forever if they choose not to

If 6 people want a pencil, is there a scarcity?

• Yes, there is a scarcity.

• No, there is not a scarcity.

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

• Scarcity

• Shortage

• Surplus

• Economics

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

• True

• False