A scarce resource limits the production or sale of a product or service.

Question

Quizplus · Accepted Answer

A scarce resource is a factor of production that is in limited supply and thus restricts the ability of producers to manufacture or sell a product or service. Examples of scarce resources include raw materials, labor, energy, and land. The scarcity of these resources can lead to increased costs and production constraints, which can affect the availability and pricing of goods and services in the market.

A Scarce Resource Limits the Production or Sale of a Product