Cards (58)

    • Scarcity arises because human wants are unlimited and resources are finite
      True
    • Choice is necessary because scarcity forces individuals, businesses, and governments to make decisions about resource allocation
      True
    • Opportunity cost is the value of the next best alternative that is chosen
      False
    • Scarcity is a fundamental concept in economics that highlights the challenge of making choices about how to allocate resources
    • Scarcity arises from unlimited resources and limited human wants
      False
    • What is an example of unequal distribution of resources?
      Water scarcity in arid regions
    • Needs are essential for survival, while wants are desired but not essential
    • What is an example of a producer choice?
      Producing cars or trucks
    • Finite resources are an example of a source of scarcity
      True
    • Choice is necessary because scarcity requires decisions about how to allocate resources
    • Choice is the process of selecting one option from available alternatives when resources are unlimited.
      False
    • Match the type of choice with its description:
      Consumer Choices ↔️ Decisions about what to buy
      Producer Choices ↔️ Decisions about production
      Government Choices ↔️ Decisions about resource allocation
    • Trade-offs involve giving up one thing in order to gain something else due to unlimited resources.
      False
    • What type of trade-off involves allocating public funds between various sectors?
      Government trade-off
    • Scarcity refers to the condition where limited resources are insufficient to satisfy unlimited wants and needs
    • Needs are essential for survival, while wants enhance comfort or pleasure
    • Match the concept with its description:
      Scarcity ↔️ Limited resources versus unlimited wants
      Choice ↔️ Selecting one option from alternatives
      Opportunity Cost ↔️ Value of the next best alternative forgone
      Trade-offs ↔️ Balancing competing objectives
    • How does scarcity apply to economic models?
      Resource allocation decisions
    • Order the resource types from most to least tangible:
      1️⃣ Capital
      2️⃣ Natural
      3️⃣ Human
    • Finite resources, unequal distribution, consumer demand, and production limitations are all sources of scarcity
    • Order the concepts from most essential to least essential:
      1️⃣ Needs
      2️⃣ Wants
    • Choice occurs because resources are unlimited and wants are finite
      False
    • Every choice involves an opportunity cost, which is the value of the next best alternative
    • What impact does a lack of needs have on individuals?
      Threat to health or safety
    • What is the opportunity cost of a choice?
      Next best alternative forgone
    • Individuals, businesses, and governments must make decisions about how to allocate scarce resources due to scarcity
    • What is the opportunity cost of allocating a budget to healthcare instead of education?
      Value of education forgone
    • Consumer trade-offs involve balancing the purchase of different goods and services within a budget
    • Trade-offs highlight the need to weigh the opportunity costs and benefits of each option when making decisions.

      True
    • Scarcity refers to the condition where limited resources are insufficient to satisfy unlimited wants
    • Match the source of scarcity with its example:
      Finite Resources ↔️ Limited supply of fossil fuels
      Unequal Distribution ↔️ Water scarcity in developing regions
      Consumer Demand ↔️ Shortage of latest smartphones
      Production Limitations ↔️ Shortage of skilled workers
    • What is an example of scarcity caused by finite resources?
      Limited supply of fossil fuels
    • Scarcity can arise from unequal distribution of resources across regions.

      True
    • A shortage of skilled workers in certain industries is an example of scarcity caused by production limitations
    • What is the opportunity cost of buying a car instead of investing in a home?
      Value of investing in home
    • Understanding opportunity costs helps decision-makers prioritize resources effectively.

      True
    • Scarcity is the condition where limited resources cannot satisfy unlimited wants and needs
    • What is an example of scarcity in arid regions?
      Fresh water availability
    • Order the sources of scarcity from most fundamental to specific examples:
      1️⃣ Finite Resources
      2️⃣ Unequal Distribution
      3️⃣ Consumer Demand
      4️⃣ Production Limitations
    • The unequal distribution of resources across regions leads to scarcity, such as water in arid
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