Which Examples Illustrate Scarcity?
Directions: Mark an “S” at the end of the statement if you think the item is scarce. Mark “NS” if the item is not scarce. Explain why you think it’s either scarce or not scarce.
Old economic textbooks collected in a bookcase near the teacher’s desk with a sign that says “Free books, take as many as you want.” The books have been there for three years. _____
Why?
Old economics textbooks collected in a bookcase near the teacher’s desk with a sign that says “Free books, take as many as you want.” Another sign posted in the hallway says “$10 paid for any recycled textbooks. Bring books to the Principal’s office.” _____
Why?
One economics textbook, five students who wish to do well in the economics course, and an important test in class the next day. _____
Why?
Snow and ice in northern Alaska. _____
Why?
Sea water. _____
Why?
Petroleum in Japan, a country without its own oil fields and without oil reserves. _____
Why?
Petroleum in Saudi Arabia, a country with many oil fields and oil reserves. _____
Why?
Tuberculosis. _____
Why?
Food left over and thrown away at a restaurant. _____
Why?
Cassette tapes. _____
Why?