Explain the difference between poverty and scarcity
People living in poverty have access to few resources, which limits the goods and services that can be consumed. When an individual faces scarcity it means not having enough resources to consume all that is desired (necessitating that choices be made). While not everyone lives in poverty, everyone does face scarcity. Even the rich face scarcity (since as wealth increases, so do human wants).
You might also like to view...
Why does a monopsonist's marginal expenditure curve lie above the labor supply curve?
What will be an ideal response?
Marginal cost is the
a. change in total cost resulting from producing one more unit of output. b. change in total fixed cost resulting from producing one more unit of output. c. total cost when one more unit of output is produced. d. total fixed cost when one more unit of output is produced.