how can we make best use of scarce resources having alternative uses in relation to unlimited resources.suggest three measures.
Answers
Answer:
here is the answer for you
Explanation:
It is generally true that our wants for scarce resources exceed the amounts that are available. In addition, resource s have more than one use and individuals wanting a resource must often compete with others who also want that particular resource for their own alternative use. For example, steel has alternative uses: to build cars, bridges, appliances, buildings, machinery, etc. It is also generally true that alternative resources can satisfy particular wants. A house can be constructed of steel, aluminum, wood, or glass (provided you don’t throw stones).
Examples of these are minerals, ores and intermediary goods coming from agricultural activities like rubber, palm oil, wheat, corn, maize etc. Then, capital. This refers to tools, machinery, equipment, factory, transportation means, to name some, all neccessary to produce, store and transport as well as distribute inputs and outputs of production. While, money capital is as well essential in providing basic necessities for production activities and works in economy, basic economics study has regarded this category of capital resources as a subject not under economics realm. It falls under accounting field.
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