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Author Question: Explain why even the most affluent people, businesses and counties never solve the problem of ... (Read 112 times)

sheilaspns

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on: Jun 29, 2018
Explain why even the most affluent people, businesses and counties never solve the problem of scarcity.
 
  What will be an ideal response?

Question 2

Hospitals announce that there are not enough nurses available to keep them fully staffed. Economically speaking, what does this announcement mean?
 
  A) The market wage for trained nurses is currently above the equilibrium wage.
  B) There is currently a surplus of nurses in this market.
  C) The market wage for nurses will eventually rise to the market clearing wage.
  D) The market will adjust very rapidly to correct this imbalance because anyone can be a nurse without any training.


cswans24

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Reply #1 on: Jun 29, 2018
Answer to Question 1

Scarcity is a problem that is never completely solved. Scarcity means that we do not ever have enough of everything, including time, to satisfy our every desire. Thus even the most affluent have limited resources and unlimited wants even though they may have solved more of their wants with their larger amount of resources.

Answer to Question 2

C


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