Question

Suppose that the hypothetical country of Andesland suffers a chronic scarcity of its staple grain, quinoa. True or False: Andesland is restrained by the resources it has to satisfy the various wants of its residents.

Answer 1

Suppose that the hypothetical country of Andesland suffers a chronic scarcity of its staple grain, quinoa.

Andesland is restrained by the resources it has to satisfy the various wants of its residents. The given statement is true.

One of the core principles of economics is scarcity. It indicates that there is a gap between the supply of an item or service and the demand for it. As a result, customers, who ultimately drive the economy, may have fewer options due to scarcity.

Given such shortages are unheard of in wealthy nations, Andesland must be a developing nation. When a country's resources are insufficient to meet all of its citizens' needs, the situation is referred to as scarcity. Even though it is less obvious in wealthy countries, scarcity still occurs.

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