Economics and Scarcity_Skateboard_Econoville

What is economics?

• The study of scarcity and trade-offs

• The study of skateboarding tricks

• The study of high school students

• The study of wizardry

What is scarcity?

• When there is not enough of something to satisfy everyone's wants and needs

• When there is an abundance of resources

• When there is no demand for a product

• When there is unlimited supply

What is a trade-off?

• Choosing one thing over another due to limited resources

• Sharing resources with others

• Having unlimited options

• Not making any choices

Why does Alex choose to keep his skateboard for himself?

• To avoid damaging or losing it

• To show off to others

• To make others jealous

• To prevent others from using it

What do people and businesses have to decide in economics?

• How to use their limited resources wisely

• How to waste their limited resources

• How to hoard their limited resources

• How to share their limited resources

What are the essential concepts in economics?

• Scarcity, choices, and trade-offs

• Abundance, randomness, and luck

• Excess, indecisiveness, and compromises

• Generosity, sharing, and selflessness

What did Alex learn from the wise wizard of economics?

• Scarcity, choices, and trade-offs are all around him

• Skateboarding tricks are more important than economics

• Economics is a boring subject

• The wizard's beard is the secret to economic success

What did Alex become after learning about economics?

• A better skater and a young economist

• A professional skateboarder

• A wizard of economics

• A teacher of economics