The Second Economics Activity
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THE SECOND ECONOMICS ACTIVITY ECONOMICS MR. SCHEEL 1. Explain scarcity in accordance to resources and peoples wants. 2. Give an example of scarcity. (In your own words)
3. How do people respond to scarcity?
4. What are the three questions that must be asked when allocating resources?
5. True or False. A society’s wants and needs always can be met. 6. Define Productivity. 7. Describe how companies want to improve efficiency. 8. Explain how division of labor and specialization are used to make a company efficient.
9. Find or create an example of individuals making decisions involving scarcity. Include the resource you used. (EX: Newspaper, Internet, TV etc) 24 pts.-TURN IN THIS QUESTION!!!!
3. How do people respond to scarcity?
4. What are the three questions that must be asked when allocating resources?
5. True or False. A society’s wants and needs always can be met. 6. Define Productivity. 7. Describe how companies want to improve efficiency. 8. Explain how division of labor and specialization are used to make a company efficient.
9. Find or create an example of individuals making decisions involving scarcity. Include the resource you used. (EX: Newspaper, Internet, TV etc) 24 pts.-TURN IN THIS QUESTION!!!!
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