Ch1P1 Intro to Economics and Scarcity

What is the economic term for the lack of adequate resources to obtain unlimited wants?

• Abundance

• Scarcity

• Surplus

• Shortage

What is the main reason for scarcity of resources?

• Limited human wants

• Unlimited human wants

• Abundant resources

• Equal distribution of resources

What is the difference between 'rare' and 'scarce' in economics?

• In order for something to be scarce and not rare, someone must be wanted by someone.

• In order for something to be rare and not scarce, someone must be wanted by someone.

• Rare implies that there is only a little trouble obtaining the thing, scarce means there is almost none.

• As far as the study of economics, there is no difference betweeen the terms rare and scarce

What is the main factor that determines the cost of a scarce item?

• The ammount of the item demanded

• How hard the item is to find and produce more of

• How large the item is

• How much it costs to make more of the item

• How safe the item is to use

What is the primary way individuals and governments deal with scarcity?

• By raising taxes on the people who make the goods

• By distracting people who are not able to have the resources once they are gone

• By making the scarce items illegal

• Making choices as to who gets the scarce goods or services

Which term best matches this definition?

"To distribute according to a plan or with purpose..."

• Allocate

• Withhold

• Scarcity

• Shortage

• Misappropriate

Which term best matches this definition?

"Physical items that are bartered or sold, something you can touch.."

• Good

• Service

• Entrepreneurship

• Shortage

• Exotic Tropes

Which term best matches this definition?

"Activities/acts that are bartered or sold, you cannot touch or see it.."

• Good

• Service

• Entrepreneurship

• Shortage

• Exotic Tropes

Which term best matches this definition?

"Someone who manufactures something, can be a good or service.."

• Producer

• Consumer

• Bureaucrat

• Administrator

• Canadian

Which term best matches this definition?

"A person, group, or organization who uses goods or services..."

• Producer

• Consumer

• Bureaucrat

• Administrator

• Canadian