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Does scarcity affect the rich and poor?
scarcity affects both rich and poor people due to prices sky rocketing and low abundance of goods therfore the poor will have to alter they life style and consume less whilst the rich will also do likewise
Why do economists say that even rich people face scarcity?
The rich experience scarcity because resources are limited in quantity. For example, one cannot employ 200B people because the population is not enough.
What is scarcity how does it affect the way people make ecomomic choices?
Scarcity is the limited availability of a resource. It affects the way people make economics choices by increasing the price and likely the demand of the resource.
Why is the concept of scarcity important in rich countries as well as poor ones?
Scarcity = limited resources of the earth. Developed countries have better technology and organization to deal with scarcity, but scarcity is still there
How does scarcity affect the factors of production?
Scarcity is the non-abundance of resources. Resources are needed to produce. Thus, the more that is produced, the more resources are being used.
Does scarcity affect the rich and poor?
scarcity affects both rich and poor people due to prices sky rocketing and low abundance of goods therfore the poor will have to alter they life style and consume less whilst the rich will also do likewise
Is scarcity an issue faced by only poor people and poor nations or does the rich and poor alike face scarcity?
The poor face a scarcity of resources more often than the rich because they have more limited resources (most importantly, money). But everyone's resources are technically limited. The rich have more money than the poor, but if they spend it all or lose it all, they also face scarcity. If there is a scarcity of a product or a natural resource, it will affect both the rich and the poor, but as prices rise for resources high in demand, the rich will have more access to them, until there is no more for anyone: both rich and poor.
How does water scarcity affect the lives of people in the cold and hot deserts respectively?
how does water scarcity affect the lives of people in the cold and hot deserts
Why do economists say that even rich people face scarcity?
The rich experience scarcity because resources are limited in quantity. For example, one cannot employ 200B people because the population is not enough.
What is scarcity how does it affect the way people make ecomomic choices?
Scarcity is the limited availability of a resource. It affects the way people make economics choices by increasing the price and likely the demand of the resource.
Why is the concept of scarcity important in rich countries as well as poor ones?
Scarcity = limited resources of the earth. Developed countries have better technology and organization to deal with scarcity, but scarcity is still there
How does scarcity affect the factors of production?
Scarcity is the non-abundance of resources. Resources are needed to produce. Thus, the more that is produced, the more resources are being used.
Affect of water scarcity on plants?
dehydration
How does scarcity affect governments?
Gummy Bears
How does scarcity affect businesses?
People (consumers) have unlimited wants, but businesses do not have enough goods (supply) to fulfill these demands.
Do rich countries experience scarcity?
In the longer term, being a rich country is a temporary condition which lasts a few generations only. After this, that country is certain to experience scarcity, whether by famine, plague or the sword - especially as rich countries tend to accumulate their share of social ills. England, for example, was a rich country at the beginning of the 1900's, and experienced war and scarcity during that century.
Can a rich country eliminate scarcity?
yea it has a very good chance
