Scarcity

Who is affected by the condition of scarcity?

• The rich

• Large economies

• All societies

• Producers (ie: businesses)

Why do all societies have to make decisions about how resources will be used?

• People are greedy

• There are not enough resources for those who want them

• Resources are too expensive for most people

• Because there is a huge gap between the rich and poor

Which is NOT a question all societies have to answer due to scarce resources?

• When will products be produced?

• How will products be produced?

• What products will be produced?

• Who will gets access to the resources and the products they produce?

Which is NOT a scarce resource?

• Labor

• Trees

• Time

• Candy

Scarcity is defined as a limited supply of resources and...

• limited wants for those resources

• unlimited resources

• limited resources

• unlimited wants for available resources

Why do we have to make production choices about available resources?

• Too many resources for the demand

• Limited wants

• Unlimited resources

• Scarcity

What are all societies forced to do because of scarcity?

• Make production decisions

• Conserve resources

• Limit resource use

• Charge large amount of money for available resources

What is the condition that exists when Albertson's runs out of 2% milk?

• Scarcity

• Shortage

Scarcity means:

• Too much of something you wanted

• The exact amount of something you wanted

• Not enough of something you wanted

What is an economic want?

• Things people need in order to survive.

• Things people would like to have.

• Things people don't want anymore.