Question

Most resources are nonrenewable, and wants and needs are unlimited. This is an example of production scarcity labor devaluation

Answer 1

Production : The process of making something from raw materials.

Scarcity : Short in supply or shortage

Labor : Hard physical work

Devaluation : Underestimation of worth or importance of something.

The given statement is : Most resources are non renewable and wants and needs are unlimited.

Non-renewable resources are the natural resources that get exhausted after usage. It takes a very long time for them to get replenished. Hence their availability has limitations.

Whereas it needs are increasing.

For example, the fuel for the automobiles are obtained from the foosil fuels, which are non-renewable. Everybody wants to own an automobile and it has also turned out to be a need today. There is an increase in the requirement of fossil fuels but their availability is limited.

Hence, it is an example of SCARCITY.

Answer 2

Answer:

Option B, Scarcity is the right answer.

Explanation:

The term Scarcity in Economy is used to refer a situation where a commodity is available in limited quantity, which can be demanded by the commons or is in demand in the market. It also involves a lack of resources for an individual to buy that commodity. In this way, scarcity applies to a gap between the unlimited wants and limited resources.