Scarcity

True or False: Being rich eliminates the concern for scarcity.

• True

• False

What is one strategy to help a person deal with scarcity?

• There is no strategy to deal with scarcity. It's unavoidable, like death and taxes.

• prioritize your needs over your wants by creating a budget

• be as cheap as possible

• don't overspend on expensive items

Why is it important for us to understand scarcity?

• To ignore the concept of limited resources

• To make informed decisions and prioritize needs

• To ensure we have unlimited resources

• To avoid making any decisions

Why can’t you always get what you want? (one word)

WANTS > RESOURCES because resources are

• unlimited

• scarce

• experiencing a shortage

• expensive

Why is there nothing free in Economics? Choose ALL that apply! :)

• If you choose one thing you give up getting something else

• There is no such thing as a free lunch

• something appearing to be free will always have some hidden or implicit cost to someone,

_______ exists when there is not enough resources to satisfy human wants

• Scarcity

• Communism

• Social Darwinism

• Population control

What is scarcity in economic terms?

• A situation where resources are unlimited

• A situation where resources are limited and cannot meet all human wants

• A situation where resources are abundant

• A situation where resources are equally distributed

Which of the following is a consequence of scarcity?

• Unlimited choices

• Need for prioritization

• Abundance of resources

• Equal distribution of wealth

How does scarcity affect decision-making?

• It allows for unlimited choices

• It forces individuals to make trade-offs

• It eliminates the need for budgeting

• It ensures everyone gets what they want