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Major limited resources

Land is one of the most limited resources in the world. Being one of the factors of production, all production is incomplete without the availability of land. Even if you have land, utilizing the space provided in the capacity of the land is also very difficult. This is one of the reasons why industrial sheds were created.

Utilizing space is very crucial and everyone who knows about the world knows this fact. When building a new school or constructing at a new site, the space needs to be allocated and divided appropriately so that the amount of waste is reduced as much as possible.

Other limited resources include labor, capital and enterprise. Land, labor, capital and enterprise make up the four factors of production. Even if one is not available, the factor of production will be incomplete. Thus, all four of them are very crucial for a production process and interestingly, all four of them are scarce.

Limited resources and unlimited wants, Is the solution, industrial sheds?

As we grow up, we eventually start learning that all things in the world are not readily available. There can be scarcity of certain things most commonly food items in this world. We also note that everyone does not enjoy the same thing. A poor guy might find happiness in just drinking juice while a rich person might not even be happy if he gets a new phone probably because the set was not the one he wanted.

This is how the world works. All valuable resources are limited with the demands and wants of people unlimited. This gives rise to the main problem of the world scarcity. Scarcity then leads to choice. People have to choose between two or three things because they cannot get everything and then ultimately opportunity cost. Opportunity cost is the cost forgone by choosing an alternative.

This all was economics which obviously explains the world in terms of economics accurately. However, if we look from practical eyes, there are limited resources with unlimited wants.

How to deal with the scarcity of these resources?

Many major economists have been looking for an answer to this question and have come up with many options due to the help of technology, for instance: Sheds are designed to incorporate the best possible use of space. For labor, availability of more education and greater trainer has made labor more useful and so on.

People cannot stop these resources from becoming scarce but they can make the best possible use of what they have with them in order to not waste something that is already very limited. It is just like an instance in a poor family where one day they get food and instead of eating it in only one day; they store it for the future.

Technology has been coming up with ideas like industrial sheds and training to make the best possible use of these scarce resources and also fulfilling the unlimited wants of people and making sure nothing goes to waste.