Week 15 SS Review (12/11/20)

Scarcity means:

• Too much of something you wanted

• The exact amount of something you wanted

• Not enough of something you wanted

If 5 people want an ice-cream, is there a scarcity?

• Yes, there is a scarcity.

• No, there is not a scarcity.

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

• Yes, there is a scarcity.

• No, there is not a scarcity.

If 8 people want a stuffed animal, is there a scarcity?

• Yes, there is a scarcity.

• No, there is not a scarcity.

If 3 people want a candy bar, is there a scarcity?

• Yes, there is a scarcity.

• No, there is not a scarcity.

If 2 people want a soccer ball, is there a scarcity?

• Yes, there is a scarcity.

• No, there is not a scarcity.

If 4 people want a bike, is there a scarcity?

• Yes, there is a scarcity.

• No, there is not a scarcity.

Scarcity is...

• school

• a spider

• not having enough

What is opportunity cost?

• your choice
• what you give up to make a choice

What is scarcity? 

• Having too many resources 
• Not  having enough resources