601.1 Lesson - scarcity

Screen: scarcity

Headline: How limited resources are allocated and competed for

Reward: 2

Text: When there are not enough resources to go around, people and organizations compete for them.

This competition is often reflected in the price of goods and services in a free market. If the demand for a particular resource increases faster than the supply, it can become scarce and more valuable.

Money is often used as a way to buy things because it is easy to trade and is valuable because it is scarce. Bitcoin is a digital form of money that has a fixed supply, which makes it rare and valuable.

The idea that there is never enough of something to go around is a basic principle of economics, but it is often ignored in political decisions.

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QUIZ

Question: What is a scarce resource?

Answer: A resource that is limited in quantity or availability and can lead to competition for possession

Feedback: Remark:** Correct! Good job, you understood the concept of scarcity. Scarcity can lead to competition and can affect the value of goods and services in a free market

Correct: true

Answer: A resource that is abundant and easy to come by

Feedback: Wrong! Sorry to burst your bubble, but if something is easy to come by, it can't be scarce

Correct: false

Answer: A resource that can only be obtained through time travel

Feedback: Wrong! Time travel is a great idea for a sci-fi movie, but it doesn't have anything to do with scarce resources.

Correct: false