Economics and Scarcity Quiz

What is the main idea behind the concept of scarcity in economics?

• Always choosing the most expensive option.

• Ignoring the impact of decisions on resources.

• Making careful decisions due to limited resources.

• Having unlimited resources to fulfill all wants and needs.

In the example given, what are the two options for spending the money?

• Buying a new phone or saving for a vacation.

• Buying concert tickets or saving for a car.

• Eating out or buying new clothes.

• Going to a movie or buying a book.

Why might someone choose to buy concert tickets instead of saving for a car?

• They think the concert is a once-in-a-lifetime opportunity.

• They don't like cars.

• They have too much money.

• They don't want to go to school.

What could be a reason for someone to save for a car instead of buying concert tickets?

• They want to impress their friends.

• They think having a car will make life easier.

• They don't like music.

• They want to buy a house.

What does the example illustrate about scarcity and values?

• Scarcity is not important in decision-making.

• Scarcity forces everyone to make the same choices.

• Values do not affect economic decisions.

• Different values lead to different choices.