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The Scarcity Problem
Game Code: 464730
English
20
Public
Economics, Scarcity and Opportunity Cost
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kathleenmells@outlook.com
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#Scarcity
#Opportunity Cost
#Economics
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Give an example of a free good.
e.g. rain, sea water, sunshine
5
How can a free good become an economic good?
When someone spends money on marketing and selling a free good it becomes an economic good. e.g. picking and selling wild flowers.
5
Is infrastructure a free good or an economic good?
Economic good
5
What is an economic good?
A good that is scarce and has a price.
5
True or False: People have limited wants.
False
5
True or False: The Basic Economic problem is called opportunity cost.
False
5
What is scarcity?
Unlimited wants + Limited Resources = Scarcity
5
The new Playstation 5 is out but you haven't got enough money to buy it. What type of scarcity is this?
Relative Scarcity
5
The tomato crops were damaged due to flooding and now there are no tomatoes to buy. What type of scarcity is this?
Absolute Scarcity
5
Give an example of relative scarcity.
e.g. I don't have enough money to buy ....
5
What type of good do you think education is?
Economic good
5
You can either go fishing or swimming. Which one do you choose? What do we call the other one in Economic terms?
Opportunity Cost
5
What is your opportunity cost of being in this class?
Answers will vary.
5
Why do you think we have limited resources?
There are not enough resources to meet our wants. The resources are finite.
5
Is water from a natural spring, bottled and sold in the shop, and Economic of Free good?
Economic Good
5
What is a possible opportunity cost of taking a gap year after school?
Answers will vary.
5
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