Resources and Scarcity

Trees, solar energy, and water are examples of: nonrenewable resources. *renewable resources capital. labor.

*renewable resources

Choose the word or phrase that completes each sentence. Profit helps businesses allocate resources for their best and most productive uses. The more scarce a resource, the more costly it will be. A manufacturer that requires scarce and costly resources is likely to charge more for its products.

Profit/scarce/ more

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

Based on the lesson, how are individuals and economies similar? They both must decide how to allocate resources. They both must carefully categorize available resources. They both must recognize the issues with nonrenewable resources. They both must choose whether to use more renewable resources.

They both must decide how to allocate resources.

Which of these statements demonstrate the economic concept of scarcity? Check all that apply. *All useful resources are limited in their supply. Everyone is able to meet all their wants and needs *The wants and needs of people are unlimited. *Resources are scarce, which explains why we are willing to pay for them. A large economy is able to eliminate the effects of scarcity. *Because of scarcity, individuals must make choices.

*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? People are able to meet most of their needs. *Consumers must pay higher prices for many items. Governments must try to meet the wants of citizens. Economies can work to provide more goods and services.

*Consumers must pay higher prices for many items.

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

1990-2000

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

Which statement best describes the impact of scarcity? People are able to meet most of their needs. Consumers must pay higher prices for many items. Governments must try to meet the wants of citizens. Economies can work to provide more goods and services.

Consumers must pay higher prices for many items.

Which resource is both renewable and inexpensive? gold coal lumber minerals

Lumber

Wind and solar energy are examples of: scarce resources. renewable resources. capital resources. nonrenewable resources.

Renewable resources.

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

Resource

According to the rules of economics, all resources are✔ limited in their supply. The wants and needs of people are✔ unlimited. The more scarce a resource is, the✔ more people are willing to pay for it. The principle of scarcity forces people ✔ make choices

limited /unlimited/more/make choices

Resources are things people use to make goods and provide✔ services. The resources used to create goods and services are divided into three main categories: land, labor, and✔ capital .

services/ capital

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 resource that is less scarce then plastic. Copper is more freely available than plastic. Copper is a renewable resource. *Copper is a scarce resource, which increases its value.

*Copper is a scarce resource, which increases its value.

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.

Based on economic theory, if a person wants to purchase a large stereo system, what must necessarily occur? creation of resources analysis of resources *allocation of resources production of resources

*allocation of resources

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 diamonds are in great demand. *diamonds are a nonrenewable resource, making them scarce. the cost of diamonds depends only on the demand. the purchase of diamonds will satisfy wants and needs.

*diamonds are a nonrenewable resource, making them scarce.

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? labor *land capital entrepreneurship ️

*land

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

*scarce.

Most resources are nonrenewable, and wants and needs are unlimited. This is an example of production *scarcity labor devaluation

*scarcity

What issue results from the combination of limited resources and unlimited wants? production profit *scarcity allocation Add New NoteHide Advanced

*scarcity

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 consumed? wood wind biofuel hydroelectric

Wind

Katrina is starting her own business producing all-natural beverages. She must use ✔ resources to create her product. The water that she is using to create her beverage line is an example of ✔ land. The number of employees required to produce her beverage line is an example of ✔ labor The rent money she pays for a factory to produce her beverage line is an example of ✔ capital

resources/ land/labor/ capital