Critically evaluate the following statement. "Only poor nations face scarcity. Rich nations have everything they need and have therefore conquered scarcity."
What will be an ideal response?
Rich nations simply face different choices than do poor nations. The existence of choices naturally presumes that there is scarcity. Since all resources are limited there is only so many goods and services that can be produced by any nation whether it is poor or rich.
Economics
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When people's incomes increase, the demand for a good increases. The good is called
A) an inferior good. B) a complement. C) a substitute. D) a normal good.
Economics
A firm will expand the amount of output it produces as long as its
A) average total revenue exceeds its average total cost. B) average total revenue exceeds its average variable cost. C) marginal cost exceeds its marginal revenue. D) marginal revenue exceeds its marginal cost.
Economics