The Limits on Economic Resources

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Economic Resources

In this world we live in we can only have a certain amount of needs to live, however we can have unlimited wants and as humans we constantly want more and more, we are very rarely satisfied with what is on our plate. However there are only finite resource such as machines, workers and other natural resources, because of this we are not able to produce unlimited amounts of items and by having limited amounts of things such as wheat farms then we must choose what to do with the resources we could turn it into food or into fuel. This is called the opportunity cost. Also we are starting to question if what we are doing to the world is contributing to global warming and finding ways of making things more efficient and less damaging to the environment. If these new measures are not put into place it could affect the future generations inhabiting the world and if we use too many resources we will not leave enough for them. Even basic human needs such as water could be used as the demand for household and commercial use continues to grow each year

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Production is limited by factors such as  Land and Labour, companies strive to produce the most competitive product and get a decent profit. This means that in most cases these manufactors are not taking into consideration the environmental impacts of creating their product in the cheapest manor possible.  This has caused quite a lot of migration due to labour where people move to different parts of the world to find better jobs with more money.

A good infrastructure is essential for economic growth. This means things such as road and rail networks and telecommunications such as cable and satellite with ...

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