Resources and Scarcity

Question 1

The chess club needs to raise money for tournament uniforms. Some members want to sell energy drinks at a football game to raise funds, but others want to organize a car wash in the school parking lot. Based on the concept of scarcity, which thought should drive members' decision-making process to determine how to fundraise?

Revolt · Accepted Answer

Are there enough volunteers to work a car wash?

Question 2

productresourcevaluecost

Revolt · Accepted Answer

resource

Question 3

A company manufacturing shirts for a discount department store decides to create a new style of cotton shirt. The company would most likely produce shirts that will

Revolt · Accepted Answer

be less costly to create.

Question 4

How does scarcity determine the economic value of an item?

Revolt · Accepted Answer

by the resources consumed in production

Question 5

How would a manufacturer benefit by using fewer scarce resources?

Revolt · Accepted Answer

The product would be less expensive to produce.

Question 6

least

Revolt · Accepted Answer

wind

Question 7

Most resources are nonrenewable, and wants and needs are unlimited. This is an example of

Revolt · Accepted Answer

scarcity

Question 8

Which location focuses its use on a nonrenewable energy source?

Revolt · Accepted Answer

a natural gas power plant

Question 9

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

Revolt · Accepted Answer

wheat crop

Question 10

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

Revolt · Accepted Answer

a silver necklace

Resources and Scarcity Answers

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