Scarce Resources Meaning. Scarce or economic resources are also called factors of production and are generally classified as either labor capital land or entrepreneurship. Even free natural resources can become scarce if costs arise.
Economics Unit 1 Scarcity Choice from www.slideshare.net
Scarcity is the foundation of the essential problem of economics. Scarce or economic resources are also called factors of production and are generally classified as either labor capital land or entrepreneurship. Scarce resources are also called factors of production.
The resources of an organization or person are the materials money and other things.
Meat and butter were scarce during the war. Scarce resources are used to produce scarce goods. Insufficient to satisfy the need or demand. A resource with an available quantity less than its desired use.
