In the context of economics, what is the concept described by the statement: 'Poor people have it, rich people need it'?

• A. Power
• B. Resources
• C. Nothing
• D. Money

Answer: (C)

Verified step by step guidance

1. Step 1: Understand the nature of the question, which is a riddle rather than a typical microeconomic problem. It asks for a concept described by the phrase: 'Poor people have it, rich people need it.'
2. Step 2: Analyze each option in the context of the statement: 'Power' is generally associated with wealth but not necessarily something poor people have; 'Resources' are often scarce for poor people; 'Money' is what rich people have and poor people need, so it doesn't fit the riddle perfectly.
3. Step 3: Consider the meaning of the phrase literally: if poor people 'have it' and rich people 'need it,' the answer must be something that poor people possess but rich people lack or require.
4. Step 4: Recognize that the phrase is a classic riddle where the answer is 'Nothing' because poor people have nothing, and rich people need nothing (or, in the riddle's logic, they need 'nothing').
5. Step 5: Conclude that the concept described by the statement is 'Nothing,' which is a play on words rather than an economic term.