Question

Which of the following best explains why both nations with high living standards and nations with low living standards face the problem of scarcity? All nations face the same microeconomic issues. All nations face the same macroeconomic issues. All individuals, whether rich or poor, are dissatisfied with their material well-being and would like more.

Answer 1

Answer:All individuals, whether rich or poor, are dissatisfied with their material well-being and would like more.

Explanation: People who face poverty and who have no proper shelter , food or even proper clothes to wear are always yearning for a life that is better than that which they are experiencing. Their wishes and desires always exceed the available resources so there is always scarcity in this case.

At the same time those who are wealthy also do not have all the resources that they all wish they could have , no matter how much money one possesses in those wealthy nations but it is never enough to fullfil all those things that each individual consider to be worthwhile.

Each individual person in whatever state of economy they find themselves in, there is never a point where all the resources seems to fulfill everyone's desires or wishes in that country or nation.