Answer :
The result of having limited resources in an economy is people make economic choices about what to do with their resources.
What is the consequence of limited resources?
When resources are limited, “competition,” increases, and some populations of organisms will decrease. Some individuals may even be weaker or smaller without the resources they need. Natural disasters, environmental changes, and humans can all have an effect on the availability of resources.
What is the meaning of limited resources in economics?
A basic condition of nature means that the quantities of available labor, capital, land, and entrepreneurship used for the production of goods and services are finite. It means that the economy has only so many resources that can be used AT ANY GIVEN TIME time to produce goods and services.
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