Needs, Wants, Economic Scarcity

The definition of Scarcity is...

• An unlimited amount of resources to meet limited wants and needs
• A limited amount of resources to meet unlimited wants and needs.
• When people use time and energy to create events
• a city where individuals commit themselves to unlimited wants and needs

Considering all the questions above, it all comes down to ___________________. These are decisions we all must make due to scarcity.

• trade offs

• scarcity

• choices

• incentive

Which one of these is NOT a cause of scarcity?

• overproduction of time
• not enough materials
• Poor Distribution of Resources
• Rapid Increase in Demand

Which of these is NOT an example of a need?

• Water
• Food
• watch
• Shelter

What is a need?

• Nothing
• Something you have to have to live
• Something you would like to have
• Ice cream

True or False: Most resources can be used for only one thing at a time.

• True 
• False

Economics is the study of how people seek to satisfy their needs and wants by making choices.

• True
• False

When producers will not or cannot offer goods or services at the current prices 

• Shortage
• Scarcity

Which of the following in an example of LAND.

• Coal

• Office Building

• Bulldozer

• Cash Register

Human made objects used to create other goods and services

• Physical Capital
• Human Capital