Scarcity

Society will never be able to satisfy all wants and ____.

• desires
• needs
• hungers
• money problems

If there are only 100 televisions on sale and 200 people want to buy TV's, that is a problem of ____. 

• desire
• demand
• supply
• scarcity

Economics seeks the answer to the basic question of how to deal with ______. 

• money
• hunger
• demand
• scarcity

What is the basic economic problem?

• the value forgone from the next best alternative

• the fact that the world has finite resources but humans have infinite wants

• too many resources

• the fact that the world has infinite resources but humans have finite wants

Which of the below is not scarce resource?

• Oil

• Sea water

• Natural gas

• Gold

Define scarcity

• The infinite availability of resources

• The cost of making a decision

• Oil

• The limited availability of resources

Why does scarcity exist?

• Each year workers tend to produce less than previously 
• Machines wear out in time
• There are not sufficient resources to meet everyone's wants
• There is a limit to people's wants 

Goods with limited supply is known as

• General goods

• Free goods

• Specific goods

• economics goods

Economics problems are mainly a result of ________

• Inaccurate statistical data in India

• Excessive wastage of availability of resources

• Lack of vision the part of the resource users

• Limitation in availability of resources