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Author Question: Trade theory suggests that increased trade leads to increased wage equality. Indicate whether the ... (Read 159 times)

j.rubin

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on: Jun 29, 2018
Trade theory suggests that increased trade leads to increased wage equality.
 
  Indicate whether the statement is true or false

Question 2

What is the relationship between wants, resources, scarcity, and choices? Discuss the relationship for an individual and for a society.
 
  What will be an ideal response?


Bsand8

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

FALSE

Answer to Question 2

A person faces scarcity whenever his or her wants exceed what he or she can obtain using his or her resources. Because the person cannot fulfill all of his or her wants, the person is forced to choose which wants will be satisfied and which wants will remain unsatisfied. The same results hold true for a society. All societies face scarcity because people's wants are essentially infinite, so that the resources available are not sufficient to fulfill everyone's wants. Because of this fact, societies must make choices about which (and whose) wants will be satisfied and which (and whose) wants will remain unsatisfied.


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