Question

Which of the following most accurately explains why even if you won $1 million in a lottery, you still would not escape the scarcity problem? All individuals, whether rich or poor, are dissatisfied with their material well-being and would like more. All nations face the same microeconomic issues. All nations face the same macroeconomic issues.

Answer 1

Answer:

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

Explanation:

Individuals wanting more and not being satisfied with their material well being goes back to the fundamental problem of economics-unlimited human wants. Economists argue that human wants are unlimited and insatiable irrespective of their economic class. Whether rich or poor, no man is satisfied with his material well-being. Every man still feel something is lacking after acquiring so much or so little. He still has the scarcity problem.

This never-ending desire is embedded in the physiological make up of a man. When a man gets food, then he wants house. When he gets house, he wants car. When he gets a car, he wants to buy a private jet. In short, the more he gets, the more he wants more.

And that`s is the reason why you would win $1 million and stills not satisfied with having enough. You would still believe you lack something. You would still want to acquire more just to solve this scarcity problem.

Other options do not explain the problem ; they just points at microeconomics and macroeconomics issues.