Practice Why Scarcity Exists (2.2) - Introduction to Economics - IB 10 Individuals & Societies

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9 questions

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6 sample questions

Question 1.
What does scarcity mean in economics?
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Think about the differences between what people want and what can be provided.
Question 2.
Provide an example of a finite resource.
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Consider resources that can run out.
3Question 3.
What is the primary cause of scarcity?
- Limited resources
- Unlimited wants
- Both
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Think about what makes resources scarce.
4Question 4.
True or False: Scarcity is a problem that only affects developing countries.
- True
- False
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Consider different contexts of resource availability worldwide.
Question 5.
Design a scenario illustrating how a business faces scarcity. Describe how they can effectively manage their limited resources.
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Think about what decisions might maximize profit.
Question 6.
Debate the effects of scarcity on global economic systems. Provide two opposing viewpoints.
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Consider how scarcity can have both positive and negative effects.

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