Scarcity

We all face a scarcity of time because there are not enough hours in a day.

• true

• false

1 hour spent on 1 activity takes away 1 hour of another activity. This trade-off is called

• scarcity

• shortage

• sacrifice

• opportunity cost

What makes a resource or good scarce? Select all that apply.

• Must be limited in quantity

• Must be desirable

• Must have more than one use

Which one of these is not a scarce item?

• doctors

• gold

• clean air

• garbage

Which one of these statements is correct?

• Scarcity requires people to make choices

• Wealthy people do not experience scarcity

• Scarcity only exists in lesser developed countries.

• expensive cars are not considered scarce