Scarcity is the basic economic condition that results from society not having enough resources to produce all the things people would like to have. A society's economic system determines:
Principles of Economics

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Other Sciences, History
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10th - 12th Grade
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Hard
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1.
FLASHCARD QUESTION
Front
Back
The way a society allocates its scarce resources to produce goods and services
2.
FLASHCARD QUESTION
Front
An opportunity cost is
Back
The next-best alternative you give up in order to do something else
3.
FLASHCARD QUESTION
Front
The study of how individuals, institutions, and society make optimal choices under the conditions of scarcity. The study of how people get what they want.
Back
Economics
4.
FLASHCARD QUESTION
Front
The BEST explanation of why there will always be scarcity is because
Back
While people's' wants are unlimited, resources are limited
5.
FLASHCARD QUESTION
Front
Bart has decided to buy some water balloons rather than get an extra milk at lunch. Choosing among economic alternatives is referred to as
Back
Trade - Off
6.
FLASHCARD QUESTION
Front
In economics, land refers to the natural resources needed for production, such as forests, minerals, and climate.
Back
True
7.
FLASHCARD QUESTION
Front
The basic economic condition that exists when unlimited wants exceed limited productive resources is called
Back
Scarcity
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