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Questions and Answers
What is scarcity in economic terms?
What is scarcity in economic terms?
- The need in the economy is less than the actual resources available
- The need in the economy is unrelated to the actual resources available
- The need in the economy is equal to the actual resources available
- The need in the economy is more than the actual resources available (correct)
What are free goods in economics?
What are free goods in economics?
- Goods that are expensive and limited in nature
- Goods readily available in nature with no price (correct)
- Goods that are abundant but have a high price
- Goods that are scarce and have a low price
What is the relationship between scarcity and making choices?
What is the relationship between scarcity and making choices?
- Scarcity eliminates the need for making choices
- Scarcity has no impact on making choices
- Scarcity increases the availability of resources for unlimited needs
- Scarcity necessitates making choices due to limited resources and unlimited needs (correct)
How can a free good turn into an economic good?
How can a free good turn into an economic good?
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What has scarcity been a reason for in history?
What has scarcity been a reason for in history?
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What is the relationship between scarcity and making choices?
What is the relationship between scarcity and making choices?
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What is the term for goods readily available in nature, not subjected to economics science, and with no price?
What is the term for goods readily available in nature, not subjected to economics science, and with no price?
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What can turn a free good into an economic good?
What can turn a free good into an economic good?
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What does scarcity refer to in economic terms?
What does scarcity refer to in economic terms?
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What has scarcity historically been a reason for?
What has scarcity historically been a reason for?
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