. Based on what you have learned about resources and scarcity, what factors do you need to consider when producing this good? Give your answer in the form of three to four complete sentences.

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Producers must consider how limited a resource is when it is used to create an item. The more scarce a resource is, the greater value is given to that resource. It is important to determine if it is necessary to use a scarce resource to create a good, because a less scarce resource could be used instead. This would make it easier to produce a good, but it would give the final item a lower value.

That's the answer given on e2020

If their price were zero, the demand for scarce products would be greater than the supply. Economic products have a positive market price as a result of scarcity. That is, customers must pay to obtain them.

When creating an item, producers must consider how restricted a resource is. The higher the value placed on a resource, the more scarce it is. It is critical to establish whether a limited resource is required to make a good, as a less scarce resource could be utilized instead.

For more information regarding the scarcity of resources and goods, refer to the link:

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