Question

A basic concept in economics is that all resources are?

Answer 1

All resources are limited, that is the basic concept in economics. Economics is the study of human efforts to satisfy unlimited wants with limited resources. There are three basic economic questions. What to produce? How to produce? For whom to produce? 

Answer 2

Answering the question, a basic concept in economics is that all resources are scare

Scarcity is an economic problem and it is in between resources and unlimited wants. The problem of limited resources and unlimited wants is a basic economic problem that requires people to be careful when allocating their resources.  

Further Explanation

Scarce resources mean the available resources cannot be enough to go round and therefore should be distributed properly, in other words, these scares resources should be efficiently allocated so that basic needs can be taken care of. Any resources that cannot be provided without cost will certainly be scarce to some level; free resources can also be scares if the need arises to acquire them at a certain cost.

However, resources are limited in 2 ways and these include:

• Limited in use, for example, machine and labor which only serve one purpose at a time
• Limited in physical quantity, For example, the physical quantity of land is limited. There is a shortage of land as a result of desertification of the Sahara, which has resulted in a shortage of fertile land for farming.

Also, scarcity fall into 3 major categories, these include:

1. Demand induced
2. Supply induced
3. Structural

Therefore, a basic concept in economics is that all resources are scare

LEARN MORE:

• A basic concept and economics is that all resources are  brainly.com/question/2734962
• A basic concept in economics is that all resources are?  brainly.com/question/12612755

KEYWORDS:

• scarcity
• economics
• basic concept
• limited resources
• land
• demand induced
• structural induced