Practice - The Central Economic Problem – Scarcity
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Practice Questions
Test your understanding with targeted questions
What does scarcity mean in economics?
💡 Hint: Think about what happens when resources are not enough.
Name one reason why scarcity exists.
💡 Hint: Remember the limits of what we can use.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What is scarcity?
💡 Hint: Consider the balance between supply and demand.
True or False: Unlimited human wants are limited to basic necessities.
💡 Hint: Think about lifestyle choices.
1 more question available
Challenge Problems
Push your limits with advanced challenges
A government has a budget of $100 million. To improve healthcare, it considers using $40 million for new hospitals. They also need to address education and infrastructure. How should they weigh their options, and what opportunity costs might arise?
💡 Hint: Think about the ripple effect of budget cuts.
Discuss how finite resources can affect a country's competitive positioning in global resource markets, particularly in regard to technology adoption.
💡 Hint: Consider how technology can mitigate the effects of scarcity.
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Reference links
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