Microeconomic Resources: Scarcity & Utility

Instructions:

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

question 1 of 3

You are overseeing the construction of buildings on an island. Why would you want to build high-rises?

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1. What is the utility of a good?

2. Which of the following allows us to cope with scarcity of resources?

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About This Quiz & Worksheet

You can anticipate being tested on things such as scarce resources, utilities of goods, and coping mechanisms for scarcity.

Quiz & Worksheet Goals

To elaborate, you can expect to be quizzed on:

  • Resources that can experience scarcity
  • A good's utilities
  • Ways in which we deal with scarcity
  • Applications of utility

Skills Practiced

  • Knowledge application - use your knowledge to answer questions about scarcity
  • Information recall - access the knowledge you've gained regarding fundamental economics
  • Interpreting information - verify that you can read information regarding examples of scarce resources and interpret it correctly

Additional Learning

Go ahead and view Microeconomic Resources: Scarcity & Utility, our related video lesson. Doing this is going to expand your comprehension of concepts like:

  • Why economics exists
  • The principle of scarcity
  • Our answer to scarcity
  • Scarcity's relationship with utility
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