What is a limited resource? (1 point) A limited resource is a factor of production required to produce a product or provide a service that is scarce and can A limited resource is a product or service that has its price managed by the government because of scarcity. A resource is a product or service that is subject to scarcity.

In economics, a limited resource refers to anything that is not available in unlimited quantities and requires careful management and allocation. This can include natural resources like water, fossil fuels, and land, as well as human-made resources such as labor and capital. Scarcity means that the demand for these resources often exceeds their availability, creating a balancing act for producers and consumers alike! In daily life, limited resources prompt individuals and organizations to make choices about how to allocate their time, money, and efforts. For example, when planning a weekend getaway, you may find that your budget (a limited resource) affects where you can go and what activities you can enjoy. Similarly, businesses often weigh their available capital and labor against market demands to optimize production and maximize profits.