Economics Review

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.

Scarcity is not having enough of something.

• True
• False

When you give up something to buy another thing, the thing you give up is your __________.

• the benefit
• the opportunity cost
• scarcity

If you choose an apple instead of a banana, the banana is the opportunity cost.

• True
• False

_____________ are things that people make or use to satisfy their needs and wants.

• Goods

• Services

• Producers

• Consumers

________________ are activities that satisfy people’s needs and wants.

• Goods

• Services

• Needs

• Wants

_______________ resources are materials that come from nature.

• Special

• Natural

• Human

• Capital

______________ resources are people working to produce goods or provide services.

• Capital

• Human

• Natural

• Manufactured