What is meant by limited resources?

What is meant by limited resources?

LIMITED RESOURCES: A basic condition of nature which means that the quantities of available labor, capital, land and entrepreneurship used for the production of goods and services are finite. It means that the economy has only so many resources that can be used AT ANY GIVEN TIME time to produce goods and services.

What is the synonym of limited?

restricted, finite, bounded, little, narrow, tight, lean, slight, slender, in short supply, short. meagre, scanty, sparse, insubstantial, deficient, inadequate, insufficient, paltry, poor, miserly. basic, rudimentary, patchy, sketchy, minimal.

What is an example of limited resources?

Some examples of limited resources include coal, nuclear, natural gas, metal ores and oil. Limited resources are basically those resources that take a relatively long time to replenish. Unlimited resources or renewable resources, such as water, wind and soil, are the opposite of limited resources.

What are resources and why are they limited?

The resources that we value—time, money, labor, tools, land, and raw materials—exist in limited supply. There are simply never enough resources to meet all our needs and desires. This condition is known as scarcity. At any moment in time, there is a finite amount of resources available.

What is the economic definition of limited resources?

Economic Definition of limited resources. Defined. Term limited resources Definition: Finite quantities of labor, capital, land, and entrepreneurship available to an economy for the production of goods and services. This is one half of the fundamental problem of scarcity that has plagued humanity since the beginning of time.

Which is an example of a limited resource antonym?

The absence of the availability of the absolute value of the integrated estimation [E.sub.S] for forming the decision about the effectiveness of limited resource allocation requires a transition to its dimensionless value that would change from zero to one.

Which is the best synonym for the word limited?

to avoid overcrowding, the number of tickets to the outdoor concerts is limited. Synonyms for limited. bounded, circumscribed, defined, definite, determinate, finite, measured,