Scarcity And The Economic Problem Flashcards
1
Q
Why do we need to conserve scarce resources?
A
They will run out and won’t be able to satisfy wants and needs
2
Q
What is the basic economic problem?
A
Finite resources and unlimited wants
3
Q
What’s the relationship between scarcity and resource conservation?
A
There are limited resources so they need to be conserved
4
Q
What is scarcity
A
There are limited resources
