Examlex
List and describe the four broad categories of resources.Cite an example of each to help support your answer.
Scarce
Describes a condition where resources, goods, or capabilities are limited in availability relative to the demand for them.
Wants
Desires for goods, services, or experiences that are not essential for survival but are deemed desirable based on individual preferences.
Comparative Advantage
The ability of a country or individual to produce a particular good or service at a lower opportunity cost than another.
Absolute Advantage
The ability of an individual, company, or country to produce a good or service at a lower cost per unit than the cost at which any other entity produces that good or service.
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