3. State the two characteristics of resources.
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Answer:
3. State the two characteristics of resources,
Ans. (i) Resources are scarce in relation to the goods we wish to produce for the satisfaction of human wants, and
(I)Resources have alternative uses.
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Resources characteristics: Resources have three main characteristics namely 1) Utility, 2) Limited availability, 3) Potential for depletion or consumption. Scarcity is the fundamental economic problem of having humans who have unlimited wants and needs in a world of limited resources.
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