What to produce? ➢ What should be produced in a world with limited resources? ...
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Some examples of limited resources include coal, nuclear, natural gas, metal ores and oil. Limited resources are basically those resources that take a relatively long time to replenish. Unlimited resources or renewable resources, such as water, wind and soil, are the opposite of limited resources.
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Because of scarcity every society or economic system must answer these three (3) basic questions:
What to produce? ➢ What should be produced in a world with limited resources? ...
How to produce? ➢ What resources should be used? ...
Who consumes what is produced? ➢ Who acquires the product?
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