Question

Explain why scarcity is a basic economic problem faced by every society and evaluate economic data using maps . Using the map above , write a paragraph that evaluates scarcity . Answer the following questions : Which country on the map is an example of the scarcity of mineral resources ? According to the map , what is a scarcity the United States faces ? In what ways does a country still face a scarcity even if the particular resource is plentiful within its borders ?

Answer 1

Scarcity is a basic economic problem which is faced by every society due to the fact that the wants if economic agents such as individuals, firms or the government is unlimited.

• Scarcity simply means when a particular thing is in short supply. Scarcity exists due to the fact that our wants are unlimited and there are limited resources to meet such wants.

• In the map above, it can be noted that only Japan has mineral resources while the other countries do not. Also, the scarcity that the United States faces are skilled labor and water.

In conclusion, if a country has some resources but they're not efficiently managed, it'll still bring about scarcity.

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