How are all resources scarce, and how do individuals, businesses, and society face scarcity?

All resources are scarce because all resources are limited. All businesses, individuals, and society face scarcity because when one resources become scarce or extinct, you can say, we all suffer from that one thing because we all need resources to survive.

Answered by Breazy98 | 2024-06-10

Scarcity refers to the limited supply of resources compared to human desires, impacting decisions made by individuals, businesses, and societies. Individuals prioritize needs and wants, businesses make strategic resource allocations, and society debates how to fairly distribute limited resources. Consequently, scarcity shapes behavior on multiple levels, from personal choices to large-scale governmental decisions.
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Answered by Breazy98 | 2024-12-23