BuyFind

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
Publisher: Cengage Learning
ISBN: 9781337617383
BuyFind

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
Publisher: Cengage Learning
ISBN: 9781337617383

Solutions

Chapter
Section
Chapter 1, Problem 1QP
Textbook Problem

The United States is considered a rich country because Americans can choose from an abundance of goods and services. How can there be scarcity in a land of abundance?

Expert Solution
To determine

Explain how scarcity comes in a land of abundance.

Explanation of Solution

The United States is a rich country since there are abundance of goods and services that are available to the people. But the fact is abundance does not mean that the resources available in the United States are unlimited, and no one has unlimited quantity of resources such as time, money, and so on. The limited resources and unlimited needs or wants are the central root of the problem of scarcity. Since the country is rich, it has the capacity to buy more number of goods and services. Thus, even in a land of abundance, there is also a scarcity problem.

Economics Concept Introduction

Scarcity: Scarcity refers to the limited availability of resources than the required level.

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Chapter 1 Solutions

Economics (MindTap Course List)
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Ch. 1 - The United States is considered a rich country...Ch. 1 - Give two examples for each of the following: (a)...Ch. 1 - Give an example of something that is a good for...Ch. 1 - What is the difference between labor as a resource...Ch. 1 - Can either scarcity or one of the effects of...Ch. 1 - Explain the link between scarcity and each of the...Ch. 1 - Is it possible for a person to incur an...Ch. 1 - Discuss the opportunity costs of attending college...Ch. 1 - Explain the relationship between changes in...Ch. 1 - Smith says that we should eliminate all pollution...Ch. 1 - A friend pays for your lunch. Is this an example...Ch. 1 - A layperson says that a proposed government...Ch. 1 - Economists say that individuals make decisions at...Ch. 1 - How would an economist define the efficient amount...Ch. 1 - Ivan stops studying before the point at which his...Ch. 1 - What does an economist mean if she says that there...Ch. 1 - A change in X will lead to a change in Y. The...Ch. 1 - Why do people enter into exchanges?Ch. 1 - When two individuals enter into an exchange, you...Ch. 1 - What is the difference between positive economics...Ch. 1 - Would there be a need for a rationing device if...Ch. 1 - Jackies alarm clock buzzes. She reaches over to...Ch. 1 - If you found 10 bills on the sidewalk regularly,...Ch. 1 - The person who smokes cigarettes cannot possibly...Ch. 1 - Janice decides to go out on a date with Kyle...Ch. 1 - A theory is an abstraction from reality. What does...Ch. 1 - Suppose the marginal costs of reading are constant...Ch. 1 - Using the diagram you drew in question 1, lower...Ch. 1 - Jim could undertake activity X, but chooses not...

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