The United States is considered a rich country because Americans can choose from an abundance of goods and services

Economics Jan 22, 2021

The United States is considered a rich country because Americans can choose from an abundance of goods and services. How can there be scarcity in a land of abundance?

Expert Solution

Here, it is given that the United States is categorized as a rich nation because it can choose between a large number of goods and services. However, it doesn't mean the United States has an abundance of land resources to produce such a large quantity of products and services as even after this, the unlimited wants overpass the limited availability of resources. Hence, scarcity exists.

Archived Solution

Unlocked Solution

You have full access to this solution. To save a copy with all formatting and attachments, use the button below.

Already a member? Sign In

Important Note: This solution is from our archive and has been purchased by others. Submitting it as-is may trigger plagiarism detection. Use it for reference only.

For ready-to-submit work, please order a fresh solution below.

Or get 100% fresh solution

Get Custom Quote