Scarcity Khan Academy

Question 1

Scarce resource examples

Answer 1

Caviar - is essentially fish eggs. Caviar is not easy to get because it’s deep in the water. An individual has to get to it and package it in some way, therefore it’s a scarce resource because it’s not abundant.

Air - in terms of pollution, as ultimately many people would prefer living in places with cleaner air, and people pay higher taxes to plant trees in their area in order to improve the quality of the air

Labor - because it’s mental and physical effort by humans and the majority of people aren’t willing to work for free without being given something in return.

Question 2

Scarcity questions

Answer 2

Who gets it? How much of it do they get? What do they have to give up in exchange to get those scarce resources?

Question 3

Examples of free goods

Answer 3

Seawater, Music, Sunlight, Intellectual ideas, Air