Economics

Scarcity means:

• Too much of something you wanted

• The exact amount of something you wanted

• Not enough of something you wanted

If 5 people want an ice-cream, is there a scarcity?

• Yes, there is a scarcity.

• No, there is not a scarcity.

If 8 people want a stuffed animal, is there a scarcity?

• Yes, there is a scarcity.

• No, there is not a scarcity.

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

• Yes, there is a scarcity.

• No, there is not a scarcity.

If 2 people want a soccer ball, is there a scarcity?

• Yes, there is a scarcity.

• No, there is not a scarcity.

If 10 people want a piece of gum, is there a scarcity?

• Yes, there is a scarcity.

• No, there is not a scarcity.

Doctor: Goods or Service?

• Goods
• Service

You pay your sister $5 to clean your messy bedroom.

• Good
• Service

Which is an example of a good?

• nurse
• mechanic
• basketball
• cook

Does this person provide a good or a service?

• good
• service