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Scarcity / Scarce Resources

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by

Seeger McLeay

on 18 August 2014

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Transcript of Scarcity / Scarce Resources

Answer
Resources on Earth
Three main types of resources
Definition of Scarcity
the state of being scarce or in short supply; shortage.
Scarce Resources
Why are resources scarce?
Resources are used to make goods and services to satisfy your needs and wants.
Resources are scarce so it is not possible to produce goods and services to satisfy all our needs and wants. This situation is known as the economic problem.

What have you learnt today?
What is the fundamental economic problem of scarcity?
Scarcity / Scarce Resources
Because the resources are limited
to our wants.
natural resources – those provided by nature, such as water, coal, sunshine, trees, fish
human resources – labour provided by people, such as builders and engineers
man-made resources – any resources that are made by humans to produce goods and services, for example, machines, roads and equipment.
Resources
There is a limit to the supply of all resources on earth, so resources are scarce. Some natural resources are renewable, but the use of them needs to be controlled before the resource can be renewed. Non-renewable resources cannot be replaced once they’ve been used.
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