The Scarcity Dilemma
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Questions and Answers

Which of the following best describes the concept of scarcity?

  • Having limited resources to satisfy unlimited wants (correct)
  • Having unlimited resources to satisfy unlimited wants
  • Having limited resources to satisfy limited wants
  • Having unlimited resources to satisfy limited wants

    • What is the opportunity cost when making a tradeoff?

  • The total value of all the items you have
  • The value of the item you choose over the one you give up
  • The total value of all the items you want
  • The value of the item you give up (correct)

    • Why do people have to make choices according to the text?

  • Because there are unlimited resources available
  • Because there are unlimited goods and services available
  • Because there are limited resources available (correct)
  • Because there are limited wants and desires

    • What does the text mean by 'scarcity forces tradeoffs'?

    <p>Scarcity makes people make choices between different options</p> Signup and view all the answers

    What is the main idea of Economic Principle #1 according to the text?

    <p>There are limited resources to satisfy everyone's wants</p> Signup and view all the answers

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