AnswersFL-2102340-Economics with Financial Literacy Teacher DirectedResources and Scarcity

Resources and Scarcity Answers

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1
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Which resource is renewable?

A
gold
B
coal
C
lumber
D
minerals
2
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Cecilia has studied economics and knows about the value and investment potential of diamonds. The price of diamonds has recently decreased, and a new diamond mine has opened nearby. Cecilia decides to buy a diamond necklace while the prices are lower.How did Cecilia’s knowledge of economics help her make a savvy commodity purchase?

A
She knew that diamonds are popular and in high demand.
B
She knew that diamonds are a nonrenewable resource, making them scarce.
C
She knew that the cost of diamonds depends only on the demand.
D
She knew that the purchase of diamonds will satisfy wants and needs.
3

What does the concept of scarcity explain? Choose three answers.

A
why a product could lose significant value over time.
B
why people continue to purchase different products.
C
why consumers are willing to pay high prices for items.
D
why decisions must be made on how to use resources
E
why resources can be both renewable and nonrenewable.
F
why a single resource has more value than another resource.
4

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?

A
Where will unsold energy drinks be stored?
B
Is there enough consumer demand for a car wash?
C
Will the concession stand be open during the big game?
D
Are there enough volunteers to work a car wash?
5

A basic concept in economics is that all resources are

A
scarce.
B
allocated.
C
valuable.
D
renewable.
6

Wind and solar energy are examples of

A
scarce resources.
B
renewable resources.
C
capital resources.
D
nonrenewable resources.
7

Read the graph.Which power source has been least consumed?

Question illustration
A
wood
B
wind
C
biofuel
D
hydroelectric
8

[BLANK]

A
product
B
resource
C
value
D
cost
9

How would a manufacturer benefit by using fewer scarce resources?

A
The product would be less expensive to produce.
B
The product would better satisfy consumer needs.
C
The product would be popular and readily available.
D
The product would provide a more satisfactory profit.
10

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

Question illustration
A
1970–1980
B
1980–1990
C
1990–2000
D
2000–2010

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