Indeed, one of the basic principles of economic production is that when a resource is rare and/or difficult to collect it becomes a more expensive commodity, which in turn makes its use in the production of manufactured goods more expensive.
A good example is the rare earth minerals used in the production of electronic components of cell phones which are extremely rare and thus expensive and valuable. As technology progresses, should the manufacturers find a way to use much less of such rare resources, their demand would decrease and in turn their use in the production of electronic components would be lower which means they could drastically reduce the prices of cells phones and sell even more of these which would increase their financial profits.
There are different ways to handle an issue. The way a manufacturer would benefit by using fewer scarce resources is that the product would be less expensive to produce.
The effects of scarcity is that it lead to the spread of different problems such as famine, drought etc.
These problems of scarcity in resources are known to arise due to the fact that essential goods are not available because of different factors, such as the exploitation of natural resources.
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