ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Time is the best example of a scarce resource found in more developed countries. Explanation: More developed countries have solved their basic resource problems mostly. For example; they don’t have major resource problems on water, education, infrastructure, manpower etc .

Detailed explanation-2: -Natural resources like gold, oil, silver and other fossil fuels are naturally rare. When demand exceeds the supply, these resources become scarce and prices can go up. Other commodities, like diamonds, command a high price because of their limited availability and control of their market.

Detailed explanation-3: -The resources that will be most scarce in the future, according to the report, are water, biodiversity and air, rare earth and metals, agriculture, waste disposal, processing power, youth, health and wellness, skills and education, and time.

Detailed explanation-4: -It’s time to wrap things up, but before we go, always remember that the four factors of production-land, labor, capital, and entrepreneurship-are scarce resources that form the building blocks of the economy.

Detailed explanation-5: -Air, water, and sunlight are not the economic resources. This is because these resources are present in abundance which means they are not scarce. The example of economic resources are land, labour, capital. Was this answer helpful?