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Limited resources are restricted or scarce supply of sources used to create products. This can include inadequate labor or raw materials to produce goods.
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∙ 9y ago
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Define the term resources?
resources is a person, asset, capital or material which can be used to accomplish a goal.
Define limited resources?
Limited resources refer to the finite availability of essential goods, services, or factors of production such as land, labor, and capital. These resources are insufficient to meet all wants and needs, requiring individuals, organizations, and societies to make choices about how to allocate them efficiently.
Define what is meant by scarcity when referring to the economic problem?
Scarcity is our limited resources but unlimited wants.The problem of scarcity is that our wants are always beyond what we can produce with our resources.
Define the term physical resources?
physical resources are those gifts of nature such as land, water,minerals,forest,animals, sunlight,and wind
What term is used to describe the difference between limited resources and wants and needs?
scarcity
What might be some benefits of requiring jsutices to serve a define and limited term?
Requiring justices to serve a defined and limited term can bring fresh perspectives, prevent stagnation, and promote accountability in the judiciary. It can also allow for a more diverse range of individuals to serve in the role, fostering a broader representation of society.
How would you define the term electromegnetism?
define the term "electromegnetism".
In economics which term describes a situation in which there are limited resources and unlimited needs and wants?
When there are limited resources and unlimited need and wants, this is called scarcity. Because of scarcity, plans must be put in place to make sure the available resources are allocated in the most efficient way.
Which term is used to describe a situation where most consumers are forced to make decisions based on limited resources?
scarcity
Which term is used to describe a situation where most consumers are forced to make a decision based on limited resources?
scarcity
Profit maximization of out with limited resources?
When profit maximization is performed with limited resources, ration formulation is used. If an organization is without limited resources, no rationing is needed.
Which term is used too describe a situation where most consumers are forced to make decisions based on limited resources?
scarcity
