Poverty and scarcity
The scarcity of resources in the society has a relationship with poverty. However, poverty refers to a scenario where people lack basic necessities or adequate wealth to sustain meaningful life. It is important to note that poverty can be rampant in a country that has more resources than a country fewer resources. Therefore, poverty declines if people utilize the available resources in an efficient way to meet their needs. For example, a country that is in the civil war will have more people languishing in poverty than a stable country. On the other hand, scarcity refers to a shortage ...