Scarce Resources Economics. The world has limited factors of production including land human labor and capital which cannot be produced as much as humans want. In wealthier places in which people can afford to pay premium prices for resources that may not be in plentiful supply the shortage is not likely to be felt as severely as in economically deprived locations.
The resources that we value time money labor tools land and raw materials exist in limited supply. Scarce goods are also termed economic goods. In wealthier places in which people can afford to pay premium prices for resources that may not be in plentiful supply the shortage is not likely to be felt as severely as in economically deprived locations.
We therefore wish to optimise the.
Economics is the study of the allocation of scarce resources. This condition is known as scarcity. At any moment in time there is a finite amount of resources available. Resources that are commonly accepted as being scarce throughout the world include water food and forests.
