QOTD Incentives and Scarcity

Scarcity in economics is...

• we have LIMITED wants/needs and LIMITED resources

• we have UNLIMITED wants/needs and UNLIMITED resources

• we have LIMITED wants/needs and UNLIMITED resources

• we have UNLIMITED wants/needs and LIMITED resources

Feeling good about yourself after you help someone with their homework would be an example of what incentive.

• Moral Incentive

• Social Incentive

• Economic Incentive

Going to work because you want to make as much $$ (money) as you can would be an example of what incentive.

• Moral Incentive

• Social Incentive

• Economic Incentive

Buying and wearing a pair of the slick Air Force 1's because you want others to like you would be an example of what incentive.

• Moral Incentive

• Social Incentive

• Economic Incentive

Smiling at your "crush" so that they can like you would be an example of what incentive.

• Moral Incentive

• Social Incentive

• Economic Incentive

Feeling guilty because you decided to not help your mom with the dishes and hang out with your friends would be an example of what incentive.

• Moral Incentive

• Social Incentive

• Economic Incentive

You are pretty good at making graphic designs, so you open up a graphic design sticker business to make money. This would be an example of what incentive.

• Moral Incentive

• Social Incentive

• Economic Incentive

Economics is the study of...

• Money

• Who gets what and why

• The stock market

• Making decisions based on moral incentives

Time would be considered...

• an economic liability

• a scarce resource

• an economic incentive

• a decision

Because of scarcity people must determine...

• how to get out of making a tough decision

• how to get more money

• how to utilize their limited resources effectively