CE.11 Scarcity & Choices

Scarcity means:

• Too much of something you wanted

• The exact amount of something you wanted

• Not enough of something you wanted

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.

I have all of this gum. If 10 people want a piece of gum, is there a scarcity?

• Yes, there is a scarcity.

• No, there is not a scarcity.

Over 70 percent of the Earth's surface is covered in water, but we can only drink 0.5%. This means drinking water is...

• a want

• a scarce resource

• optional

• very available with no limitations

Every time we go shopping we make _______.

• choices
• money
• products

_________________ is selection of an item or action from a set of possible alternatives.

• Production

• Scarcity

• Resources

• Choice

_______________ ______________is what is given up when a choice is made (sometimes we say it is sacrificed).

• Opportunity cost

• Supply and Demand

• Free Market

• Mixed Economy

You can have an apple or a banana. You choose the apple, so banana is the opportunity cost.

• True

• False

selection of an item or action from a set of possible alternatives

• economics

• scarcity

• resources

• choice