Does the richest person in the world face the problem of scarcity? A. Yes, because even if you have money you will never be able to satisfy all of your wants and must therefore make choices. B. No, because having money means that you do not have to choose between present and future consumption. C. Yes, because if the rich were to purchase a lot of goods at one time shortages would result. D. No, because having money means that you can buy whatever you want to buy.

Question

Carlo Richardson

Social Studies

30 January, 06:57

Does the richest person in the world face the problem of scarcity? A. Yes, because even if you have money you will never be able to satisfy all of your wants and must therefore make choices. B. No, because having money means that you do not have to choose between present and future consumption. C. Yes, because if the rich were to purchase a lot of goods at one time shortages would result. D. No, because having money means that you can buy whatever you want to buy.

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Salvatore Copeland · Answer 1

Answer:A. Yes, because even if you have money you will never be able to satisfy all of your wants and must therefore make choices.

Explanation:Scarcity refers to not having enough resources to fulfil your wants. Economist suggest that our wants exceeds what we have or what is available to us. A person who lives in a 4 bedroom house still wants to live in a 7 bedroom house, no matter what one has but they tend to want more than that and it never stops until the person themselves draw a line on what is it that they actual need and be satisfied with that otherwise scarcity affects everyone, even the richest people still yearn for something more than what they already have. There is always that one thing that is missing because our wants exceeds what is available to us.