Most resources are nonrenewable, and wants and needs are limited. This is an example of?

Business

1 answer:

dimulka [17.4K]2 years ago

3 0

Answer:

scarcity.

Explanation:

Scarcity can be defined as an economical problem that gives the relationship between non-renewable (limited) resources and the limitless wants and needs of consumers.

Basically, it's very important that producers of goods and services make decisions that would help them on how to efficiently allocate scarce or limited resources, in order to meet the unending requirements, wants and needs of consumers.

In Economics, an example of scarcity is that most of the resources used for the manufacturing of finished goods and services are nonrenewable, and as a result, the wants and needs of the end users or consumers are limited. Thus, economists would advise that economies should decide on what to produce, how to produce, when to produce and for whom to produce due to the finite and limited nature of resources i.e the concept of scarcity.

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