resources and scarcity

Study the graph. In what time period did hydroelectric power usage reach its peak? 1970-1980 1980-1990 1990-2000 2000-2010

1990-2000

How would a manufacturer benefit by using fewer scarce resources? The product would be less expensive to produce. The product would better satisfy consumer needs. The product would be popular and readily available. The product would provide a more satisfactory profit.

The product would be less expensive to produce.

Which object is likely to have the most value based on the concept of scarcity? a flowering plant a silver necklace a new coffee table a crop of oranges

a silver necklace

A company manufacturing shirts for a department store decides to create a new style of cotton shirt. The company would most likely produce shirts that will sell at a high price. be less costly to create. use a nonrenewable resource. satisfy the wants and needs of consumers.

be less costly to create.

A _________ can be defined as whatever people use to create services and goods.

resource

A basic concept in economics is that all resources are scarce. allocated. valuable. renewable.

scarce.

School band members need to raise money for new uniforms. Some members want to sell energy drinks at a football game, but others want to organize a car wash in the school parking lot. Based on economics, what would be most influential in making the decision? the labor needed the consumer demand the capital needed the value of the resources

the value of the resources

Which of the following could be considered both a renewable resource and a nonrenewable resource? iron ore sea water solar energy wheat crop

wheat crop

What does the concept of scarcity explain? Check all that apply. why a product could lose significant value over time. why people continue to purchase different products. why consumers are willing to pay high prices for items. why decisions must be made on how to use resources why resources can be both renewable and nonrenewable. why a single resource has more value than another resource.

why consumers are willing to pay high prices for items. why decisions must be made on how to use resources why a single resource has more value than another resource.

Read the graph. Which power source has been least developed? wood wind biofuel hydroelectric

wind