Economic Scarcity & Vocabulary 10.1

finding a new way to complete a task that makes it more efficient.

• Technology

• Labor

• Capital

• Innovation

any tool that improves the efficiency of producing a good or service.

• Innovation

• Technology

• Economics

• Opportunity Cost

The study of how people and groups use limited resources to meet unlimited wants and needs for goods and services

• Economics

• Scarcity

• Capital Resources

• Technology

an economic term that describes when the needs and wants of a person or group exceed the resources available to meet these needs and wants.

• Economics

• Scarcity

• Human Resources

• Innovation

Good or service that is given up when making an economic choice

• Economics

• Scarcity

• Technoloy

• Opportunity Cost

____________ __________ are all the items that come together to create the final good or service.

In 2015, there was an overgrowth of algae in the Pacific Ocean. This algae produced a toxin that could be passed along to consumers eating crab. How did this overgrowth affect the sale of crab in California?

• This overgrowth made crab sell faster at a lower price because they wanted to get rid of the bad crab so they could begin selling the healthy crab again.

• People were fearful of becoming sick so they stopped buying crab even though the price of the good dropped.

• Crab fishing was banned to protect consumers. This reduced the amount of crabs available in stores. Less crabs available made the price increase.

• The algae did not change the amount or price of crabs available to the public in California.

What type of resources are pictured?

• Human Resource & Capital Resource

• Productive Resource & Human Resource

• Capital Resource & Natural Resource

• Natural Resource & Human Resource

What types of resources are shown here?

• Natural Resource & Human Resource

• Capital Resource & Human Resource

• Human Resource only

• Capital Resource & Natural Resource

Select the productive resources needed to make the product: cheese

• grass, cows, land, machinery, trucks, milk, wax/container, dairy workers

• milk, grass, truck

• grass, cows, machinery, trucks, milk

• oven, grass, milk, cheese workers