Resources and Scarcity

Question 1

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

Revolt · Accepted Answer

scarcity

Question 2

Based on the lesson, how are individuals and economies similar?

Revolt · Accepted Answer

They both must decide how to allocate resources.

Question 3

A thrifty shopper wants to purchase a new phone that is made with quality parts. What factors should they consider?

Revolt · Accepted Answer

High quality phones contain rare earth metals that are a more scarce resource and cost more to the consumer.

Question 4

How would a manufacturer benefit by using fewer scarce resources?

Revolt · Accepted Answer

The product would be less expensive to produce.

Question 5

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 6

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 7

renewableinexpensiveabundantscarce

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scarce

Question 8

productresourcevaluecost

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resource

Question 9

best

Revolt · Accepted Answer

Consumers must pay higher prices for many items.

Question 10

Study the graph.In what time period did hydroelectric power usage reach its peak?

Revolt · Accepted Answer

1990–2000

Resources and Scarcity Answers

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