scarcity

Front

What does scarcity mean?

Back

Scarcity means not enough of something you wanted.

Front

If 6 people want a pencil, is there a scarcity?

Back

No, there is not a scarcity.

Front

What happens to the price of something when it is scarce?

Back

The price will go up.

Front

What is an example of scarcity?

Back

When there are only 2 cookies for 5 kids.

Front

What does it mean if something is abundant?

Back

It means there is a lot of it available.

Front

How can scarcity affect choices?

Back

Scarcity forces people to make choices about what they really want.

Front

What is a resource?

Back

A resource is something that can be used to satisfy wants or needs.

Front

Can you give an example of a scarce resource?

Back

Fresh water in a drought is a scarce resource.

Front

What is demand?

Back

Demand is how much people want something.

Front

What is supply?

Back

Supply is how much of something is available.