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
answer
a silver necklace
question
Study the graph.
In what time period did hydroelectric power usage reach its peak?
1970-1980
1980-1990
1990-2000
2000-2010
answer
1990-2000
question
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
answer
the value of the resources
question
Which of the following could be considered both a renewable resource and a nonrenewable resource?
iron ore
sea water
solar energy
wheat crop
answer
wheat crop
question
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.
answer
be less costly to create.
question
A basic concept in economics is that all resources are
scarce.
allocated.
valuable.
renewable.
answer
scarce.
question
A _________ can be defined as whatever people use to create services and goods.
answer
resource
question
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.
answer
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.
question
Read the graph.
Which power source has been least developed?
wood
wind
biofuel
hydroelectric
answer
wind
question
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.
answer
The product would be less expensive to produce.
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