Resources are Scarce

Gap-fill exercise

Fill in all the gaps, then press "Check" to check your answers. You have 5 minutes to attempt this exercise.
   Choice      free goods      limited      opportunity cost      Resources      scarce      scarcity      service      unlimited   
are important because they are used to make goods, like television, cars & houses and to provide , like banking, insurance and transport. All of these resources are . Any resources that are not scarce are called . Wants are but the resources used to produce the goods and services to satisfy these wants are . That is, there is . is necessary because scarce resources can be used in lots of ways to make different goods and services. The real cost of choosing one thing and not another is known as the .