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Understanding Economics: Scarcity and Choices
5 Questions
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Understanding Economics: Scarcity and Choices

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@HalcyonAustin

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Questions and Answers

What do people create as a result of scarcity?

  • Limited resources (correct)
  • Unlimited goods and services
  • Limited goods and services
  • Unlimited resources

    • Why do people make choices about what goods and services to produce?

  • To avoid production altogether
  • To maximize opportunity cost
  • To address scarcity (correct)
  • To create unlimited resources

    • What concept results because resources are limited and human wants are unlimited?

  • Unlimited resources
  • Equal distribution
  • Excessive production
  • Scarcity (correct)

    • In economics, what do people use to produce goods and services?

    <p>Limited resources</p> Signup and view all the answers

    What serves as the foundation for the rest of the unit in the lesson?

    <p>The flow chart</p> Signup and view all the answers

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