Resources and Scarcity example #83292

8 February 2023
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question
Which of these statements demonstrate the economic concept of scarcity? Check all that apply.
answer
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.
question
What issue results from the combination of limited resources and unlimited wants?
answer
scarcity
question
Trees, solar energy, and water are examples of:
answer
renewable resources
question
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?
answer
Copper is a scarce resource, which increases its value.
question
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?
answer
land
question
A basic concept in economics is that all resources are
answer
scarce
question
Which statement best describes the impact of scarcity?
answer
Consumers must pay higher prices for many items.
question
Read the graph. Which power source has been least developed?
answer
wind
question
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
answer
{not}the purchase of diamonds will satisfy wants and needs.
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?
answer
the value of the resources
question
Which of the following could be considered both a renewable resource and a nonrenewable resource?
answer
wheat crop
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A can be defined as whatever people use to create services and goods.
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resource
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
answer
be less costly to create.
question
Which object is likely to have the most value based on the concept of scarcity?
answer
a Silver necklace
question
What does the concept of scarcity explain? Check all that apply.
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.