In economics, what does the word scarcity describe?

A class has one free hour. Students most want a science experiment, next a read-aloud, and last extra recess. The teacher chooses the science experiment. What is the opportunity cost?

Even a country with many natural resources must still decide how to use them, because those resources are limited while people's wants keep growing.

A small bakery has flour left for only one batch today. It can bake bread, which sells best, or muffins, which sell next best. It bakes bread. What is the opportunity cost?

The next-best choice a person gives up when making a decision is called the ___.

A town council can pay for only one project this year. Citizens asked most for a new library, next for a repaired playground, and last for more park benches. The council builds the library. What is the opportunity cost?

A dry region gets little rain, so farmers there have enough water to irrigate only one of their two fields each summer. Which economic idea does this situation show?

A student who has time after school for only one activity is facing scarcity, because time is a limited resource.

A shopper has enough money for one item. He wants a book most, a puzzle next, and stickers least, and he buys the book. Why is the puzzle, rather than the stickers, his opportunity cost?

A family puts part of its income into savings at a bank instead of buying a new television, which was its next-best use for that money. What is the opportunity cost of saving?

When something people want becomes scarce, what usually happens to its price?

A choice is a decision that requires only one available option.

Which situation is an example of scarcity?

What is a budget?

What is an incentive?

If Mia buys a book instead of a toy, the toy is her opportunity cost.

Which is a need?

Which is a want?

A budget removes the need to make any choices about spending money.

Juan has $5 and can buy either a sandwich or a comic book. Why must he choose?

Which item is a good?

Which example is a service?

What is a producer?

What is a consumer?

Which person is acting as a producer?

Which person is acting as a consumer?

Which statement about natural resources is true?

Which is a natural resource?

Which is a human resource?

Which is a capital resource?

Something can be scarce even when there is still some of it left.

What should a person consider first when making a careful economic choice?

A cost can be money, time, effort, or something else given up.

Which choice shows saving?

Which choice shows spending?

If a student spends an hour playing outside instead of studying, studying may be the opportunity cost.

Which question best helps decide how to use limited classroom supplies?

Scarcity affects only adults, not children.

Which example shows a trade-off?

Why might a community recycle paper, cans, and bottles?