Competition
Resources that are limited and in demand are scarce, and therefore have a cost.
Supply and Demand
the demand for fresh water is unlimited, while the resources for fresh water are limited
Supply and demand: limited resources are used in any of various ways to fulfill the demands (or needs) of consumers.
When demand exceeds available resources, challenges such as supply shortages, increased prices, competition for limited resources, and potential conflicts can arise. This imbalance can lead to inefficiencies, market distortions, and difficulties in meeting the needs of all consumers.
limited resources
My resources are limited
economics
Resources that are limited and in demand are scarce, and therefore have a cost.
Supply and Demand
is the name given to the organized decisions of distributing limited resources among unlimited needs and wants
the demand for fresh water is unlimited, while the resources for fresh water are limited
Supply and demand: limited resources are used in any of various ways to fulfill the demands (or needs) of consumers.
When demand exceeds available resources, challenges such as supply shortages, increased prices, competition for limited resources, and potential conflicts can arise. This imbalance can lead to inefficiencies, market distortions, and difficulties in meeting the needs of all consumers.
Supply and demand: limited resources are used in any of various ways to fulfill the demands (or needs) of consumers.
changes in relative prices are the driving force in the market mechanism
When profit maximization is performed with limited resources, ration formulation is used. If an organization is without limited resources, no rationing is needed.