Explain how scarcity comes in a land of abundance.

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Answer 1

Question

Chapter 1, Problem 1QP

To determine

Explain how scarcity comes in a land of abundance.

Expert Solution & Answer

Explanation of Solution

The United States is a rich country since there are abundance of goods and services that are available to the people. But the fact is abundance does not mean that the resources available in the United States are unlimited, and no one has unlimited quantity of resources such as time, money, and so on. The limited resources and unlimited needs or wants are the central root of the problem of scarcity. Since the country is rich, it has the capacity to buy more number of goods and services. Thus, even in a land of abundance, there is also a scarcity problem.

Economics Concept Introduction

Scarcity: Scarcity refers to the limited availability of resources than the required level.

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Answer 2

Question

Chapter 1, Problem 1QP

To determine

Explain how scarcity comes in a land of abundance.

Expert Solution & Answer

Explanation of Solution

The United States is a rich country since there are abundance of goods and services that are available to the people. But the fact is abundance does not mean that the resources available in the United States are unlimited, and no one has unlimited quantity of resources such as time, money, and so on. The limited resources and unlimited needs or wants are the central root of the problem of scarcity. Since the country is rich, it has the capacity to buy more number of goods and services. Thus, even in a land of abundance, there is also a scarcity problem.

Economics Concept Introduction

Scarcity: Scarcity refers to the limited availability of resources than the required level.

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Answer 3

Question

Chapter 1, Problem 1QP

To determine

Explain how scarcity comes in a land of abundance.

Expert Solution & Answer

Explanation of Solution

The United States is a rich country since there are abundance of goods and services that are available to the people. But the fact is abundance does not mean that the resources available in the United States are unlimited, and no one has unlimited quantity of resources such as time, money, and so on. The limited resources and unlimited needs or wants are the central root of the problem of scarcity. Since the country is rich, it has the capacity to buy more number of goods and services. Thus, even in a land of abundance, there is also a scarcity problem.

Economics Concept Introduction

Scarcity: Scarcity refers to the limited availability of resources than the required level.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 1, Problem 1QP

To determine

Explain how scarcity comes in a land of abundance.

Expert Solution & Answer

Explanation of Solution

The United States is a rich country since there are abundance of goods and services that are available to the people. But the fact is abundance does not mean that the resources available in the United States are unlimited, and no one has unlimited quantity of resources such as time, money, and so on. The limited resources and unlimited needs or wants are the central root of the problem of scarcity. Since the country is rich, it has the capacity to buy more number of goods and services. Thus, even in a land of abundance, there is also a scarcity problem.

Economics Concept Introduction

Scarcity: Scarcity refers to the limited availability of resources than the required level.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 1, Problem 1QP

To determine

Explain how scarcity comes in a land of abundance.

Expert Solution & Answer

Explanation of Solution

The United States is a rich country since there are abundance of goods and services that are available to the people. But the fact is abundance does not mean that the resources available in the United States are unlimited, and no one has unlimited quantity of resources such as time, money, and so on. The limited resources and unlimited needs or wants are the central root of the problem of scarcity. Since the country is rich, it has the capacity to buy more number of goods and services. Thus, even in a land of abundance, there is also a scarcity problem.

Economics Concept Introduction

Scarcity: Scarcity refers to the limited availability of resources than the required level.

Answer 6

Chapter 1, Problem 1QP

To determine

Explain how scarcity comes in a land of abundance.

Expert Solution & Answer

Explanation of Solution

The United States is a rich country since there are abundance of goods and services that are available to the people. But the fact is abundance does not mean that the resources available in the United States are unlimited, and no one has unlimited quantity of resources such as time, money, and so on. The limited resources and unlimited needs or wants are the central root of the problem of scarcity. Since the country is rich, it has the capacity to buy more number of goods and services. Thus, even in a land of abundance, there is also a scarcity problem.

Economics Concept Introduction

Scarcity: Scarcity refers to the limited availability of resources than the required level.

Answer 7

Chapter 1, Problem 1QP

To determine

Explain how scarcity comes in a land of abundance.

Answer 8

Expert Solution & Answer

Explanation of Solution

The United States is a rich country since there are abundance of goods and services that are available to the people. But the fact is abundance does not mean that the resources available in the United States are unlimited, and no one has unlimited quantity of resources such as time, money, and so on. The limited resources and unlimited needs or wants are the central root of the problem of scarcity. Since the country is rich, it has the capacity to buy more number of goods and services. Thus, even in a land of abundance, there is also a scarcity problem.