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define the basic economic problem
there are infinite human wants and needs and a finite number of resources to satisfy this, so resources are scarce
define scarce resources
resources that are in an insufficient supply for their demand
state how scarcity affects prices
the more scarce the resources for the product, the higher the price for the product
define renewable resources
resources that are replenished at the same or a faster rate than they are consumed
define non-renewable resources
resources that are consumed at a faster rate than they are replenished