CE.11 Scarcity & Choices

Scarcity means:

• Too much of something you wanted

• The exact amount of something you wanted

• Not enough of something you wanted

If 3 people want a candy bar, is there a scarcity?

• Yes, there is a scarcity.

• No, there is not a scarcity.

I have all of this gum. If 10 people want a piece of gum, is there a scarcity?

• Yes, there is a scarcity.

• No, there is not a scarcity.

Over 70 percent of the Earth's surface is covered in water, but we can only drink 0.5%. This means drinking water is...

• a want

• a scarce resource

• optional

• very available with no limitations

_________________ is selection of an item or action from a set of possible alternatives.

• Production

• Scarcity

• Resources

• Choice

_______________ ______________is what is given up when a choice is made (sometimes we say it is sacrificed).

• Opportunity cost

• Supply and Demand

• Free Market

• Mixed Economy

You can have an apple or a banana. You choose the apple, so banana is the opportunity cost.

• True

• False

selection of an item or action from a set of possible alternatives

• economics

• scarcity

• resources

• choice

The best definition of a need is...

• something essential for life that you must have to survive

• something not essential for life that you do not have to have to survive

Which of these is NOT an example of a need?

• Water

• Food

• Netflix

• Shelter