Pre-Assessments are your opportunity to practice applying module content before final submission of your Competency Assessment. First, take a moment to review the Rubric associated with this Pre-Assessment:
Rubric Criteria: Describe key differences between scarce resources and free resources, including how they are allocated and what can cause a free resource to become a scarce resource, and 1 or 2 examples.
LO1.1.1: Explain the role of scarcity in economics
Does Not Meet Expectations Description of differences between scarce resources and free resources, including how they are allocated and what can cause a free resource to become a scarce resource, and examples are vague, inaccurate, and/or incomplete.
Meets Expectations Response provides a clear, accurate, and complete description of differences between scarce resources and free resources, including how they are allocated, what can cause a free resource to become a scarce resource, and 1 or 2 examples.
Exceeds Expectations Response provides an exemplary description of differences between scarce resources and free resources, including how they are allocated, what can cause a free resource to become a scarce resource, and 2 or more examples.
Now, respond to the following prompt, which matches one in your final Assessment:
What are the key differences between scarce and free resources? How are they allocated? What can cause a free resource to become a scarce resource? Provide 1 or 2 examples. A typical response will be 75–150 words (1–2 paragraphs). Be sure to reference at least one scholarly source to support your answer.
Then, apply any feedback you may garner from your Instructor to improve and refine your responses. Note that you do not need to resubmit your Pre-Assessment to address feedback.