How does scarcity affect both rich and poor countries?
Answer (1)
Scarcity exists everywhere. In poor countries like Somalia, people may lack basic needs like food and water. In rich countries like the U.S., people still face scarcity—not of survival needs, but of resources like time, housing, or even internet access. In the Philippines, even wealthy families experience scarcity when deciding between buying a new car or investing in a business. The point is, no one can have everything they want, so everyone—rich or poor—must make choices because of scarcity.
