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3 cards from this section. Quick, good the night before a test.
Define scarcity in your own words.
Think about what happens when there are not enough resources available.
What is meant by unlimited wants?
Consider examples of things you might desire.
What does scarcity imply in an economy?
Think about the core definition of scarcity.
True or False: Human wants are limited.
Consider your own experiences with wants.
Consider an economy where the government must choose to allocate resources between healthcare and education. Create a debate outline for each side.
Think about societal impacts and future generations.
Analyze how a company decides which products to prioritize during a resource shortage. Provide a case study scenario.
Consider market demand and company values.
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