QUESTION IMAGE
Question
based on the concept of scarcity, which thought should drive members decision - making process to determine how to produce?
the chess club needs to raise money for tournament uniforms. some members want to sell energy drinks at a football game to raise funds, but others want to organize a car wash in the school parking lot.
will the concession stand be open during the big game?
where will unsold energy drinks be stored?
are there enough volunteers to work a car wash?
is there enough consumer demand for a car wash?
Scarcity in economics refers to limited resources. When deciding how to raise funds, the chess - club members need to consider factors related to resource availability and demand. The question about consumer demand for a car wash directly relates to the economic concept of scarcity as it assesses if there are enough potential customers (a resource in the context of demand) to make the car - wash a viable option. The other questions are more about logistical aspects rather than the core concept of scarcity in terms of resource allocation for the fundraising decision.
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Is there enough consumer demand for a car wash?