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AP® Microeconomics · Unit 1 · Topic 1.1

Scarcity: Topic Checklist (Microeconomics 1.1)

Specific “I can…” statements for scarcity and the factors of production, each linked to the guide section and practice question that shows whether you can really do it.

Work through the list without notes. If you cannot do a statement, follow its link, then come back. Guide = study guide; Practice = practice questions.

Understanding

  • I can define scarcity in one sentence, linking limited resources to society’s wants and needs. (Guide: “The basic problem: scarcity”; Practice Q1, Q6)
  • I can explain why scarcity is relative and why it affects rich countries as well as poor ones. (Guide: “The basic problem: scarcity”; Practice Q6)
  • I can name the four factors of production and give an example of each. (Guide: “Resources: the factors of production”)
  • I can explain the causes of scarcity: limited resources with alternative uses, limited time, and growing wants. (Guide: “Why most resources are scarce”; Figure 1)
  • I can explain the difference between scarcity and a shortage, with an example of each. (Guide: “Scarcity is not a shortage”; Practice Q6)

Skills

  • I can classify a list of real resources as land, labour, capital or entrepreneurship, and spot money as not a factor. (Guide: Worked example 1; Practice Q2, Q5)
  • I can use a simple calculation to show that wants exceed the resources available. (Guide: Worked example 2; Practice Q4)
  • I can calculate the opportunity cost of a choice when a resource can go to two uses, dividing the right way round. (Guide: Worked example 2(c); Practice Q4)

Reasoning

  • I can explain why a rival resource is scarce, using limited quantity and an alternative use. (Guide: Worked example 1(b); Practice Q3, Q5)
  • I can explain why established knowledge is non-rival and so may not be scarce, and why using it still needs scarce resources. (Guide: Figure 2; Practice Q3, Q7)
  • I can explain why adding resources meets some wants but does not end scarcity. (Guide: Worked example 2(d); Practice Q4(d), Q7(c))
  • I can link scarcity to choice, trade-offs and opportunity cost, naming only the next best alternative as the cost. (Guide: “Scarcity, choices and trade-offs”)

All ticked? Move on to Topic 1.2, Resource Allocation and Economic Systems, or return to the course roadmap.

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