Scarcity or Shortage?

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

SELECT ALL THAT APPLY: Which one of these is an example of a scarce resource?

• Time

• Money

• Food

• Oil

What is the difference between a shortage and scarcity?

• A shortage is temporary but scarcity always exists

• A shortage results from rising prices; scarcity results from falling prices

• A shortage is lack of all goods and services; scarcity concerns a single item

• There is no real difference between a shortage and scarcity

A shortage is...

• a temporary outage of stuff.

• a name of a cow.

• the idea that all things have a beginning and an end.

• a synonym of scarcity.

Why do prices often go up when there is a shortage?

• Because people have a lot of money.

• Because there are not enough products available and people are willing to pay more.

Possible cause of a shortage.

• Panic buying

• Heavy snowstorm

• Pandemic

• All of the above

In March 2020, due to Covid, toilet paper, paper towels, and Lysol wipes were extremely difficult to find in stores. This is an example of:

• Scarcity

• Shortage

Global warming and changing weather have caused some parts of the world to become drier and rivers to dry up. This is an example of:

• Scarcity

• Shortage

A large influx of people moving to our area has caused increased traffic and congestion on our roads. There is a _______ of available land to build new roads or railways.

• Scarcity

• Shortage

In 2018, the most popular Christmas present was the PS4. Parents discovered that they could not find a PS4 for sale anywhere in their area. In this example, there was a _________ of the PS4.

• Scarcity

• Shortage