Scarcity [WLOs: 1, 2] [CLOs: 1, 2, 4, 5]
Scarcity is the starting point for studying economics. Resources are limited, while human wants are unlimited. Prior to beginning work on this discussion, read Chelsea Follett’s article, Are Humans Prepared to Overcome Resource Scarcity in the Future? (Links to an external site.) as well as Chapter 1 Section 1.2 in your textbook, and respond to the following:
• Explain what resources are.
• Evaluate why current resource scarcity is problematic.
• What future problems would result from scarce resources?
• Do you agree or disagree, and why, with Chelsea Follett about overcoming future resource scarcity?
• Recommend one strategy to overcome present and future resource scarcity.