Reference no: EM131580408

Question: The notion of scarcity reflects the idea that resources cannot be stretched to achieve all the goals that people desire. But what makes a particular resource "scarce"? If a resource seems to be in greater supply than is needed (like desert sand), is it scarce? If it is freely open to the use of many people at once (like music on the radio), is it scarce? What about resources such as social attitudes of trust and respect? Make a list of a few resources that clearly are scarce in the economic sense. Make another list of a few resources that are not scarce.