Practice What Is Scarcity? (2.1) - Introduction to Economics - IB 10 Individuals & Societies

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9 questions

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6 sample questions

Question 1.
Define scarcity in your own words.
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Think about the relationship between wants and resources.
Question 2.
List two examples of resources that may be scarce.
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Consider both personal and societal resources.
3Question 3.
What does scarcity refer to?
- Limited resources
- Unlimited wants
- Both A and B
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Remember the core of the definition involving both resources and wants.
4Question 4.
Scarcity forces individuals and societies to make choices. True or False?
- True
- False
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Reflect on how we make choices in everyday life.
Question 5.
Consider a small island nation with limited land. They can either grow food to feed their population or develop tourism. Analyze the long-term consequences of choosing one over the other.
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Think about the long-term effects on the island’s economy.
Question 6.
A city has a limited budget and must decide between investing in public transport or road repairs. Discuss how scarcity influences this decision.
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Consider community needs when weighing the options.

5 more questions in this section. Enroll free to practise them all.