Overview A scarce resource is a resource with an available quantity less than its desired use. Scarce resources are used to produce scarce goods. Like the more general society-wide condition of scarcity, a given resource is scarce because it has a limited availability in combination with a greater (potentially unlimited) productive use. It’s both of these that make it scarce. In other words, even though an item is quite limited it will not be a scarce resource if it has few if any uses (think pocket lint and free good). Examples of scarce resources can include diamonds, uranium, and other rare materials, as well as any resource with a relative scarcity due to supply and demand. Oil, water, and land can be classified as scarce resources in certain contexts due to relative demand rather than a physical quantification. Resource: Definition of Scarce Resource from the Economic Glossary at https://glossary.econguru.com/economic-term/scarce+resource. Action Items 1. Review Business Brief Guidelines. 2. Identify an example of a scarce resource. 3. Propose 3 or 4 different ways to allocate the scarce resource. 4. Recommend the most efficient allocation and be able to discuss why. 5. Write a 2- to 3-page business brief that includes the following sections. Include 1 to 2 resources besides your textbook. Opening: Discussion of the identified example of a scarce resource and why it is considered to be a scarce resource. Proposed 3 or 4 different allocation methods. Discuss the pros and cons of each method. Recommendation: Recommend the most efficient allocation method and explain why it is the most efficient allocation method. 5. Check your brief using Submit To Grammarly. 6. Submit your paper to turnitin.com. Your professor will provide the necessary access information so you can upload your paper to the class assignment site. 7. Read the Originality Report you receive from turnitin.com and make any modifications as needed to your paper.
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