How would you describe the feeling of scarcity?
What is something you have experienced scarcity of recently?
Which of the following is an example of scarcity?
- A limited supply of clean drinking water in a drought-stricken region
- An unlimited supply of smartphones in a technology store
- An equal distribution of food among all households
How does scarcity impact decision-making?
- It forces individuals and societies to make choices about resource allocation
- It ensures that resources are always abundant
- It eliminates the need for decision-making processes
What are the three main types of economic resources?
- Supply, demand, and price
- Natural res, labor, and capital
- Goods, services, and income
Which of the following is not considered a capital resource?
What are human resources in economics?
- Financial assets such as money and investments
- The people who work to produce goods and services
- Raw materials found in nature
Which of the following is an example of a natural resource?
In which economic system are resources owned and controlled by the government?
- Free Market
Which economic system is based on private ownership and free market competition?
- Free Market
What is the main feature of a mixed economy?
- Combination of market and command economies
- Strict government control over resources
- Free market principles