Resources and Scarcity

Which object is likely to have the most value based on the concept of scarcity?

a Silver necklace

What does the concept of scarcity explain? Check all that apply.

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.

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 value of the resources

Read the graph. Which power source has been least developed?

wind

Which of these statements demonstrate the economic concept of scarcity? Check all that apply.

All useful resources are limited in their supply. The wants and needs of people are unlimited. Resources are scarce, which explains why we are willing to pay for them. Because of scarcity, individuals must make choices.

Which statement best describes the impact of scarcity?

Consumers must pay higher prices for many items.

Trees, solar energy, and water are examples of:

renewable resources

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

Which of the following could be considered both a renewable resource and a nonrenewable resource?

wheat crop

A large, new diamond mine has just opened, and the price of diamonds has gone down. Since she has studied economics, Cecilia decides to buy a diamond necklace since she knows that

{not}the purchase of diamonds will satisfy wants and needs.

Alex is at the hardware store comparing different types of piping for a repair in his home kitchen. He can choose between copper piping or plastic piping. He knows that copper piping is stronger but more expensive. He also knows that plastic piping will work for the job that he is doing, and it is less expensive Based on the information presented in this scenario, what can you determine about the copper piping?

Copper is a scarce resource, which increases its value.

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

be less costly to create.

The people of Baselandia have to make a decision. To operate their new machine at peak efficiency, they need to switch from using renewable resources to nonrenewable resources as the machine's energy source. However, using the nonrenewable resources will require them to permanently destroy their land. In this scenario, what is the nonrenewable resource an example of?

land

What issue results from the combination of limited resources and unlimited wants?

scarcity