Understanding Scarcity

What is scarcity?

• Having no resources to meet any wants and needs

• Having enough resources to meet all wants and needs

• Having limited resources to meet unlimited wants and needs

• Having unlimited resources to meet limited wants and needs

Which of the following is an example of a money-related limitation?

• Not having enough time to go to the movies

• Not being able to afford a new video game system

• Having too many chores to do

• Tickets to a concert being sold out

What might prevent you from going to a concert even if you have the money and time?

• The concert being too far away

• The tickets being sold out

• Not having anyone to go with

• The concert being on a weekday

Why do unlimited wants and needs push us to strive and achieve?

• Because we don't care about resources

• Because we have unlimited resources

• Because we want to be lazy

• Because we always think there is something more we want or need

How does scarcity affect our choices?

• It makes us ignore our wants and needs

• It forces us to make choices about how to use our limited resources

• It allows us to fulfill all our wants and needs

• It gives us unlimited resources