Econ 1.2 Scarcity

Presentation

•

Social Studies

•

12th Grade

•

Medium

Christian Normile

Used 6+ times

FREE Resource

15 Slides • 13 Questions

Learn why we will never be happy.

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Multiple Choice

Which principal of economic thinking is illustrated by the cartoon?

People choose

Choices have costs

People gain from voluntary trade

People respond to incentives

Multiple Choice

Which of the following challenges do all economic systems face? How to…

balance imports and exports

save money and reduce the debt

make the best use of scarce resources

balance the government’s budget

Multiple Choice

Which of the following is not a fundamental economic principle?

People gain from voluntary trade.

Free goods have a cost to the government

People’s choices involve costs.

Incentives influence people’s choices.

II The Basic Economic Problem

Multiple Choice

According to the cartoon, in 2011, the world's population hit 7 million.

True

False

Back to the cartoon...

Multiple Choice

The man holding the bottle was wearing glasses.

True

False

Multiple Choice

According to the cartoon, there are not enough...

water

resoures

people

champagne

Multiple Choice

When there is a lack of enough resources, this is known as...

a plethora

abundance

scarcity

profusion

A) Scarcity –

II The Basic Economic Problem

Open Ended

What is YOUR definition of scarcity?*

(*5 words or fewer)

Type response here

Fewer - when you are talking about countable nouns

Less - when you are not talking about countable nouns

Fewer or Less?

A) Scarcity – when needs or wants are greater than resources

II The Basic Economic Problem

Multiple Choice

What is the economic definition of scarcity?

A situation in which something is rare

A situation in which something is hard to find.

Lack of enough resources to satisfy our wants.

A situation in which something is

expensive

A) Scarcity - Not enough resources

Exists b/c

II The Basic Economic Problem

Multiple Choice

According to the cartoon, this man is never...

Nice

Satisfied

Happy

Good

Poll

Humans are, for the most part, never satisfied?

Strongly Agree

Agree

Disagree

Strongly Disagree

Multiple Choice

Followers of which system believe that the desire for more needs to be eliminated?

Capitalism

Consumerism

Buddhism

Hedonism

A) Scarcity - Not enough resources

Exists b/c

Unlimited Wants

II The Basic Economic Problem

Fill in the Blanks

Type answer...

A) Scarcity - Not enough resources

Exists b/c

Unlimited Wants
Limited Resources

II The Basic Economic Problem

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Econ 1.2 Scarcity

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