3.1.1 - Scarcity: The Fundamental Problem
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Practice Questions
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What does scarcity mean?
💡 Hint: Think about the basic concept that resources are limited.
Give an example of a scarce resource.
💡 Hint: Consider resources you encounter daily.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What is scarcity?
💡 Hint: Consider the balance between what we desire and what's actually available.
True or False: Opportunity cost is always expressed in monetary terms.
💡 Hint: Think about what you give up beyond just money.
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Challenge Problems
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Evaluate how scarcity impacts decision-making in a city with limited water supply. Discuss what trade-offs the city must consider.
💡 Hint: Think about how conservation measures versus consumption needs play out.
Create a business plan that considers the scarcity of capital. How would you decide between two projects with limited financial resources?
💡 Hint: Use the criteria of market demand and operational efficiency.
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