econ 105_tut question_chapter 1_sfu_answer0

Poverty is concerned with a level of resources below

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Unformatted text preview: e mean simply an excess of wants over the resources available to satisfy those wants. Poverty is concerned with a level of resources below some threshold of sufficiency. One can conceivably eliminate poverty, but that would not eliminate scarcity. Even if everyone had enough to eat, there would be demand for more food than the minimum required for survival if it were available at a price of zero. Therefore food would still be scarce. Even if goods became free, there would be a scarcity of time available to consume and enjoy them. 3...
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This note was uploaded on 01/20/2014 for the course ECON 105 taught by Professor Hanafiahharvey during the Summer '08 term at Simon Fraser.

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