No name Essay Example | Topics and Well Written Essays - 250 words

No name - essay ExampleThis means that these elements have to be shared by all in all the members of society, and when in short confer can lead to scarcity.Within this economical pie is the element of resources, which can be divided into its three components of pictorial resources, people, and capital. It is the people that convert the natural resources in an economy into products, while capital provides the means to do so. However, all these resources are limited providing the defining finite aspect of resources. The limitation of these resources and through that the production acts as a limiting factor on the wealth of a nation. That is the why the term Gross Domestic mathematical product (GDP) is of such importance in the economics of a nation.More importantly lowering of production to a fault leads to scarcity in income, which can cause poor distribution of resources, whereby the individuals with better wealth or index have better access to resources than the economically disadvantaged and the needy. Economic growth reduces scarcity. However, for economic growth, the right economic policies to make proper use of economic resources have to be put in place. In the absence seizure of economic growth, scarcity looms larger, reducing the economic pie and the availability of economic resources appropriately among members of