Scarcity & Opportunity Cost Worksheet

What is the gap between limited resources and unlimited wants and needs?

• Opportunity cost

• Scarcity

• Economy

• Trade-off

What term refers to the essential requirements for human life?

• Desire

• Need

• Compensation

• Opportunity cost

What concept involves sacrificing one option for another?

• Need

• Trade-off

• Scarcity

• Economy

What is the term for the study of how people use resources?

• Economics

• Scarcity

• Trade-off

• Need

What is one reason why economics is important according to the text?

• It helps you make uninformed decisions.

• It helps you understand the difference between a need and a want.

• It makes you suspicious of everything.

• It decreases your standard of living.

Which of the following is considered a "want"?

• Shelter

• Food

• Latest iPhone

• Clean water

Which of the following is a service?

• Gasoline

• Dentist

• Furniture

• Hulu

What is the theoretical aspect of scarcity?

• Limited resources

• Unlimited needs and wants

• Surplus of goods

• Equitable distribution

Which group is NOT mentioned as affected by the shortage?

• Individuals

• Families

• Animals

• Nations

What sometimes prevents scarcity?

• Equality of opportunities

• Enough for everyone

• Unlimited production

• Constant growth