Question

What is a limited resource?

A limited resource is a factor of production required to produce a product or provide a service that is scarce and can be depleted.
A limited resource is a product or service that has its price managed by the government because of scarcity.
A limited resource is a product or service that is subject to scarcity.
A limited resource is a factor used by individuals, governments, and businesses to determine the value of trade-offs.

Answer 1

[AI-generated answer — Bot GPT 3.5]

A limited resource is a factor or commodity that is scarce and cannot be easily replenished or replicated. This scarcity makes the resource valuable and in demand. The availability and quantity of limited resources have an impact on the economic activities and decisions of individuals, businesses, and governments. Limited resources can include natural resources like oil, minerals, and land, as well as labor, time, and capital. The scarcity of limited resources forces individuals and organizations to make choices and trade-offs in order to allocate them efficiently.