There are four economic resources: Land, Labor, Capital and Entrepreneurship. These resources are scarce relative to human wants. They are never available in sufficient quantity to produce goods and services to satisfy all human wants. Thus, because when humans desire something or something more, the resources are slowly used up.Therefore, this leads to scarce resources.
I took this from my Economics notes.
Simply the fact that they have a cost or price, which is monetary or otherwise.
All resources are scarce.
resources are scarce,.the concepts of scarcity arises from the scarce resources or simply resources for short.
Resources that are limited and in demand are scarce, and therefore have a cost.
Resources are limited .
Economics doesn't truly care about the conservation of scarce resources, it only cares about how those scarce resources are used. The statement 'Economics is about conserving scare resources' is false.
All resources are scarce.
resources are scarce,.the concepts of scarcity arises from the scarce resources or simply resources for short.
Resources that are limited and in demand are scarce, and therefore have a cost.
resources that are scarce
Resources are limited .
Economics doesn't truly care about the conservation of scarce resources, it only cares about how those scarce resources are used. The statement 'Economics is about conserving scare resources' is false.
All resources are scarce.
Example of some scarce resources are Oil, Paper, Gasoline and Land etc.
Scarce resources are known to attract higher prices and thus they are of higher value than those in abundance. Examples of scarce resources include diamonds and gold.
There are unlimited wants for these resources, but there are only a limited amount of resources in this world. Therefore they are considered scarce.
me
competition