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In a world of scarcity we will never
Natural resources, or land. can include the fertility of the land minerals below it and what other aspects?
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Answer #1

In a world of scarcity, all resources are limited.

Let us consider for example that we have limited number of natural resources, be it land or available drinkable water or the minerals. Even if area of the land is "too large" to be exhausted by consumption and usage, even so, it's fertility can keep on decreasing, thus reducing the overall value supplied by it. Similarly, for an industrial process, labor and capital are limited.

In a world of scarcity, we will never waste resources since they are limited. Hence we have to choose optimal quantities for usage using constrained optimization.

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