Relation between scarcity and money
Can rich people ever counter the problem of scarcity?
Most people misunderstand this problem by thinking as if the rich people never have to face the problem of scarcity and only the poor people have to face this problem. I would like to tell you that even the governments which have a budget of trillions of dollars have to face this problem.
Imagine that if you have a car which is worth $10,000 is there any chances that you would like another car or a better one. If you have got the car lately then there might some rare chances of wanting a new car, but as the time will progress you will have a strong urge of buying a new car or a better one. No matter how rich a person is everyone in this world is wanting more and is everyone is wanting more, it is impossible to satisfy everyone’s demand.
There are 10 chairs in a shop and there are 50 customers all wanting a chair will be a perfect situation describing scarcity.