Explain how scarcity in resources or inputs of production affects the production of goods and services.

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29-07-2022
Business

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Explain how scarcity in resources or inputs of production affects the production of goods and services.

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smecloudbird18 smecloudbird18 · Answer 1 · 2022-08-11T17:54:46+02:00

Scarcity in resources or inputs of production affects the production of goods and services very badly. It limits the production means scarcity restricts the producer to make unlimited products. Sometimes producer has to make hard choice that which product he should give priority for production among multiple products from limited resources.

In total scarcity in resources or inputs of production leads to less supply of products or services in the market which also effects consumers as they also have to make hard choice which product or service should they buy. In scarcity, demand of goods and services is greater than its supply.