Author Question: Explain the difference between poverty and scarcity.[br][br][b][color=gray]Question ... (Read 74 times)

scienceeasy · **on:** Jun 30, 2018

Explain the difference between poverty and scarcity.

Question 2

If a country's annual growth rate is 2, then its output will double in approximately ____ years.
a. 2
b. 10
c. 25
d. 35

cpetit11 · **Reply #1 on:** Jun 30, 2018

Answer to Question 1

People living in poverty have access to few resources, which limits the goods and services that can be consumed. When an individual faces scarcity it means not having enough resources to consume all that is desired (necessitating that choices be made). While not everyone lives in poverty, everyone does face scarcity. Even the rich face scarcity (since as wealth increases, so do human wants).

Answer to Question 2

d