Eco Week 1

What is scarcity as described in the passage?

• Limited resources and unlimited wants

• A temporary shortage of goods

• An abundance of resources

• A situation where demand equals supply

If you choose to go to Dutch Bros for free coffee instead of Bill Miller for breakfast tacos, what is your opportunity cost?

• The breakfast tacos you didn't eat

• The money you saved on coffee

• The time spent at Dutch Bros

• The energy used to make the decision

What is the main reason economics exists according to the passage?

• Scarcity

• Trade-offs

• Opportunity cost

• Abundance

Which of the following is NOT a misconception corrected in the passage?

• Scarcity is the same as shortage

• Opportunity cost is just about money

• Scarcity never ends

• Trade-offs are the same as opportunity cost

What does the passage imply about making choices?

• Every choice involves trade-offs

• Choices are always easy to make

• There are no consequences to choices

• Choices are only about money

🔄 Neighbor Prompts

1. What’s an opportunity cost you faced this week at HEB?

2. Why is scarcity the reason we even have economics as a subject?

3. Think about the Quarry vs. La Cantera. If you go shopping at one, what’s the trade-off?

4. Why do you think people confuse scarcity with shortages?

What is the definition of scarcity in economics?

• The inability of limited resources to satisfy unlimited wants.

• A temporary shortage of goods or services.

• The abundance of resources leading to lower prices.

• The process of distributing goods equally among all people.

Which of the following characteristics indicates that an item is NOT scarce?

• It has a positive price.

• There is less of it than people want.

• It can be obtained without a cost.

• It has an opportunity cost.

In economics, what does "Land" refer to as a factor of production?

• The physical buildings and machinery used in production.

• The mental or physical work performed by people.

• Resources from nature, such as minerals, soil, and sunlight.

• The business owner who combines resources to produce goods.

What is the role of "Entrepreneurship" as a factor of production?

• Providing the physical tools and machinery for production.

• Performing mental or physical work to create goods and services.

• Combining land, labor, and capital to produce goods or services while seeking profit.

• Supplying natural resources for production.