Question

Your textbook introduces scarcity as meaning "human wants for goods, services and resources exceed what is available." The textbook claims that scarcity is a permanent state of being for the world, and that the entire economic system is based on this fact. Think carefully about this framing. Do you genuinely believe that you, as a consumer, have wants that will always exceed what is available? Would you consume essentially nonstop if you had the money to do so? Or do you think there is a limit to your needs and wants? What about society as a whole? Do you think there are limits to society's need to consume? Or is it unlimited? After answering those questions, do you agree with the framing that scarcity will always exist?

Answer 1

I do believe that as a consumer If there was not a price cap on goods, my wants would always exceed what is available. Since I have to pay in order to buy goods, I may want to choose those goods that I want more than other goods.

No, I can not consume essentially nonstop even if I had money to do so. There is certainly a limit to my needs, but not my wants. I may only need one car, however I may want thousands of them if I had money to do so, so that I can sell them in the market for exchanging other goods that I may want.

The society as a whole is always in need and want for additional goods. No, I think there is no any limit to society's need to consume, it is unlimited.

Yes, I do agree with the framing that scarcity will always exist.