Economics - Scarcity

The study of how people choose to use scarce resources to satisfy their wants.

• Needs assessment

• Capitalism

• Economics

• Socialism

_______ exists when there is not enough resources to satisfy human wants

• Scarcity

• Communism

• Social Darwinism

• Population control

Desires that can be satisfied by consuming a good or service.

• needs

• wants

• satisfaction

• respect

Things, such as food, clothing or shelter, that are necessary for survival..

• needs

• wants

• satisfaction

• respect

Which is not one of the 3 main economic questions?

• What will be produced?

• Where will it be produced?

• How will it be produced?

• For whom will it produced?

Benefits offered to encourage people to act in certain ways.

• incentives

• utility

• economize

• inspiration

Benefit gained from using a good or service

• incentives

• utility

• economize

• inspiration

Make decisions based on the combination of cost and benefits

• incentives

• utility

• economize

• inspiration

What are the 2 main factors in making choices

• Motivation of choice

• no free lunch

• both A and B

• none of the above

The alternative that you give up when you make an economic choice

• Trade off

• opportunity cost

• cost

• marginal cost