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Economics: Needs, Wants & Scarcity

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Economics: Needs, Wants & Scarcity

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Scarcity and choices basics

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Clara Bee
Clara Bee
United States

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Economics: Needs, Wants & Scarcity
 

Economics: Needs, Wants & ScarcityOnline version

Scarcity and choices basics

by Clara Bee
1

What does scarcity mean in economics?

2

Which is an example of a need rather than a want?

3

What is opportunity cost?

4

Which statement describes the production possibilities frontier (PPF)?

5

Scarcity forces individuals and firms to make:

6

An incentive typically motivates people to:

7

If resources become scarcer, what is a common economic response?

8

Which of the following is a scarce resource?

9

Which factor can reduce scarcity over time?

10

Why do prices rise during scarcity?

 
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