Explain how scarcity can exist in a relatively rich country such as the United States. Give examples to help support your answer.
Scarcity is unlimited demand for good and services under the situation of limited resources. Even when the US is a rich nation they have limited resources. For example, US wants to have a strongest army in the whole world which have weapons and fighter planes that seems like direct out of star wars, and they also want a universal health coverage for all the people.
To achieve these they need a lot of resource and they have to manage between the two demands. US have resources but they also have higher wants causing scarcity in the economy.
Get Answers For Free
Most questions answered within 1 hours.