Pre-Assessments are your opportunity to practice applying module  content before final submission of your Competency Assessment. First,  take a mo

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:

1. 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.