Explain why even the most affluent people, businesses and counties never solve the problem of scarcity
What will be an ideal response?
Scarcity is a problem that is never completely solved. Scarcity means that we do not ever have enough of everything, including time, to satisfy our every desire. Thus even the most affluent have limited resources and unlimited wants even though they may have solved more of their wants with their larger amount of resources.
You might also like to view...
Which of the following statements is true?
a. All people in poverty are on welfare. b. Unemployment compensation is an example of an in-kind transfer. c. Temporary Assistance to Needy Families (TANF) is an example of a cash payment made by government to the impoverished. d. After cash assistance and in-kind transfers are considered the distribution of income in the United States is more unequal. e. All of these.
The following table shows a monopolist’s demand curve and cost information for producing its good. What price will the monopolist charge?
a. $25
b. $30
c. $20
d. $35
When firms form a cartel in an oligopoly market, the total output is always the same as if the market were perfectly competitive
a. True b. False Indicate whether the statement is true or false
In 2015, the total income of all U.S. residents was approximately $16 trillion
a. True b. False Indicate whether the statement is true or false