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Adm 614 Topic 1 Dg2

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ADM 614 TOPIC 1 DG2

Explain how scarcity and poverty are different. Give examples to support your reasoning.

Poverty is when someone is merely trying to survive. Scarcity is the lacking the amount of resources available. Examples of poverty is not having the basic necessities in one’s life, which are clothing, food and shelter. A person in poverty may be more concerned about his wellbeing in the short term, rather than worrying about his economic and financial situation in the long term. Where Scarcity is the result of people having what they want, but the resources are limited in supply. Scarcity can also mean that a particular good has a very high demand but does not have a sufficient supply to meet this demand   A good example of scarce good is oil. If the demand for oil in the US are higher than the supply of oil, this can cause a scarcity. Scarcity also leads to making a choice to purchase or consume a good in substitute of the scarce goods.

 

 

Scarcity arises as a result of people having wants that are unlimited, but resources are limited in supply. A good example of a scarce good would be oil. Scarcity can also mean that a particular good has a very high demand but does not have a sufficient supply to meet this demand. For example, in the United States, apples are available in large quantities; however, if the demand for apples in the US are higher than the supply of apples, this can cause a scarcity. Scarcity also leads to making a choice to purchase or consume a good in substitute of the scarce goods.

 

 

 

People in poverty may not even have the very basic necessities in life, including food, clothing and shelter. A person in poverty maybe homeless and may not have the required education or exposure to work towards a better future. The primary aim of a person suffering from poverty would be to secure sufficient food and shelter for themselves and their families. A person in poverty may be more concerned about his wellbeing in the short term, rather than worrying about his economic and financial situation in the long term.

 

What is Scarcity?

 

Scarcity refers to a lack in the amount of resources available. Scarcity arises as a result of people having wants that are unlimited, but resources are limited in supply. A good example of a scarce good would be oil. Scarcity can also mean that a particular good has a very high demand but does not have a sufficient supply to meet this demand. For example, in the United States, apples are available in large quantities; however, if the demand for apples in the US are higher than the supply of apples, this can cause a scarcity. Scarcity also leads to making a choice to purchase or consume a good in substitute of the scarce goods.

ADM 614 TOPIC 1 DG2 Explain how scarcity and poverty are different. Give examples to support your reasoning. Poverty is when someone is merely trying to survive. Scarcity is the lacking the amount of resources available. Examples of poverty is not
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