Economics Practice 1: Understanding Scarcity Exercise

Economics Practice 1: Understanding Scarcity

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Economics Practice 1: Understanding Scarcity

Explore the concept of scarcity and what happens when resources are limited.

Questions

  1. MultiChoice

    What does scarcity mean?

  2. MultiChoice

    Why does scarcity exist in the world?

  3. WordsBox

    Scarcity means that resources are ____ while people's wants are ____

  4. MultiChoice

    Which of these is an example of a scarce resource?

  5. MultiChoice

    What is an economic need?

  6. MultiChoice

    What is an economic want?

  7. WordsBox

    Food and water are basic ____ while toys are ____

  8. MultiChoice

    If a toy shop has 3 bicycles left and 10 kids want to buy them, what is present?

  9. MultiChoice

    Which of the following can be scarce in a school classroom?

  10. WordsBox

    When something is hard to find, its price usually goes ____ because of ____

  11. MultiChoice

    How do families handle a scarcity of money?

  12. MultiChoice

    If you must choose between buying an ice cream or a comic book because you only have $2, what are you facing?