Economics

What is the definition of scarcity?

• it is when there is an excess amount of a good or service.

• It is when a consumer buys a good or service.

• It is when someone produces a good or service for others to buy.

• the demand for a good or service is greater than the availability of the good or service.

If 2 people want a soccer ball, 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 5 people want an ice-cream, is there a scarcity?

• Yes, there is a scarcity.

• No, there is not a scarcity.

Things that we have to have to survive..

• barters

• needs

• wants

Something that someone does for you

• service

• want

• good

People who make goods or provide a service

• consumers

• needs

• producers

Someone who buys goods

• consumer

• producer

• demand

Something that you would like to have but don't need to survive

• producer

• good

• want

Which of these are basic economic needs? Choose all that are correct.

• clothing

• food

• shelter

• X Box One