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5. Scarcity differs from poverty because A) scarcity is everywhere. wants exceed resources even for the rich. the rich do not have to make choices. the poor do not have any choices. E) none of the above. B)

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Hubert Koch
Hubert KochLv2
11 May 2018
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Related questions

Explain the difference between poverty and scarcity.

Explain the difference between poverty and scarcity.

Poor, Poverty and Scarcity are all terms that refer to a situation in which a person’s necessities are left unfulfilled.

• A person can be called poor when they earn an income that does not fully cover all their necessities.

• A person in poverty is someone who is merely trying to survive. People in poverty may not even have the very basic necessities in life, including food, clothing and shelter.

• Scarcity refers to a lack in the amount of resources available. Scarcity arises as a result of people having wants that are unlimited, but resources are limited in supply.

In economics, scarcity means that:
a. we do not have sufficient resources to produce all the goods and services we want.
b. the wants of people are limited.
c. there must be poor people in rich countries.
d. shortages exist in nearly all markets.

Given that resources are scarce,

a. A "free lunch" is possible, but only for a limited number of people.
b. Opportunity costs are experienced whenever choices are made.
c. Poor countries must make choices, but rich countries with abundant resources do not have to make choices.
d. Some choices involve opportunity costs while other choices do not.

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