Understanding Scarcity
A Grade 7 social studies worksheet exploring the concept of scarcity, its causes, and its impact on economic decisions.
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Understanding Scarcity
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Read each question carefully and answer to the best of your ability. This worksheet will test your understanding of scarcity in economics.
1. Which of the following best defines scarcity?
Having unlimited resources to satisfy all wants.
The condition of having insufficient resources to satisfy all wants.
A situation where everyone has enough of everything.
The ability to produce an unlimited supply of goods.
2. Which of the following is NOT a cause of scarcity?
Unlimited human wants.
Limited resources.
Efficient resource allocation.
Growing population.
3. Scarcity forces individuals and societies to make about how to use their limited resources.
4. The three basic economic questions that scarcity helps answer are What to produce, How to produce, and For to produce.
5. Scarcity only affects poor countries and individuals.
True
False
6. Time is an example of a scarce resource.
True
False
7. Explain how scarcity influences the choices you make every day.
Use the words below to complete the sentences.
8. Because resources are , societies must make choices.
9. The value of the next best alternative that you give up when making a choice is called .