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Explain how scarcity can exist in a relatively rich country such as the United States. Give...

Explain how scarcity can exist in a relatively rich country such as the United States. Give examples to help support your answer.

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Answer #1

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.  

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