Scarcity
Isabella Lopez
7 min read
Study Guide Overview
This AP Macroeconomics study guide covers fundamental economic concepts including scarcity, opportunity cost, and trade-offs. It differentiates between micro and macroeconomics, focusing on the latter. The guide also explains factors of production, various economic systems, and interpreting production possibilities curves. Finally, it provides practice questions and exam tips.
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Question 1 of 9
Feeling confident? 😎 Which of the following is the BEST definition of scarcity in economics?
Having unlimited resources to satisfy all wants
Having limited wants but unlimited resources
Having unlimited wants but limited resources
A situation where resources are equally distributed