Resources and Scarcity

Question 1

How does scarcity determine the economic value of an item?

Revolt · Accepted Answer

by the resources consumed in production

Question 2

A basic concept in economics is that all resources are

Revolt · Accepted Answer

scarce.

Question 3

What does the concept of scarcity explain? Choose three answers.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 resourceswhy resources can be both renewable and nonrenewable.why a single resource has more value than another resource.

Question 4

least

Revolt · Accepted Answer

wind

Question 5

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 6

productresourcevaluecost

Revolt · Accepted Answer

resource

Question 7

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

Revolt · Accepted Answer

1990–2000

Question 8

renewableinexpensiveabundantscarce

Revolt · Accepted Answer

scarce

Question 9

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

Revolt · Accepted Answer

a silver necklace

Question 10

Wind and solar energy are examples of

Revolt · Accepted Answer

renewable resources.

Resources and Scarcity Answers

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