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What is the Basic Economic Problem of Scarcity?

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What two factors contribute to scarcity?

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1. An example of a non-scarce good is

2. If a good has a cost, then it is considered

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About This Quiz & Worksheet

This quiz/worksheet combo helps you gauge your understanding of scarcity and how it comes to be. You will be quizzed on terms like scarcity and non-scarcity.

Quiz & Worksheet Goals

This quiz and worksheet can help you review:

  • Graphs that illustrate scarcity
  • Factors that contribute to scarcity
  • Examples of non-scarce goods
  • Consequences the nonexistence of scarcity

Skills Practiced

This quiz and worksheet can help students practice the following skills:

  • Reading comprehension - ensure that you draw the most important information from the related economics lesson
  • Information recall - access the knowledge you have gained regarding the factors that lead to scarcity
  • Problem solving - use acquired knowledge to solve economic practice problems

Additional Learning

To learn more about scarcity, review the corresponding lesson titled What is the Basic Economic Problem of Scarcity? This lesson covers the following objectives:

  • Understand the basic problem of scarcity
  • Define economics
  • Identify scarce goods
  • Compare and contrast non-scarce goods and scarce goods
  • Review a graphic representation of scarcity
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