Scarcity

High school (ages 12+)
Mathematics & Numbers

Name:

Date:

Step 1 · Read the article

Open the article and read it at the level above. Then answer the questions below in your own words.

https://smallwhale.org/articles/scarcity

Write what each word means, using the article.

Do not copy the article. Write two things you learned, the way you would explain them to a friend.

Answers below are taken from the article’s stored facts, so they match what the student read.

1. What is the fundamental economic condition?The perpetual imbalance between finite resources and unlimited human wants
2. What is the walras' definition of social wealth?All things that are useful and only available in limited quantity
3. Why can't we have unlimited toys?Because toys need materials and time to make, and there aren't enough of those things for everyone all the time.
4. How does scarcity help us choose what to buy?Scarcity makes us think about what is most useful and decide to spend our money and time on the things we need most.

Scarcity: The fundamental economic problem arising from limited resources and unlimited wants, necessitating choice.
Resources: Inputs used in the production of goods and services, including labor, capital, land, and entrepreneurship.
Economic Goods: Goods that are both useful and relatively scarce, thus commanding a price or value.
Relative Scarcity: The condition where the demand for a good or service exceeds its available supply given resource constraints.