Respond to the response below:

Hello Class

• Explain what resources are.

Resources are land, labor, capital, and enterprise are all inputs that can be used to produce goods and services for human consumption. These inputs have different rates which affects how much of each will be available in the economy.

• Evaluate why current resource scarcity is problematic.

One resource that has a huge problematic impact on the US economy is gas. During the pandemic, the demand for gas was historically low causing oil companies to go out of business causing demand to fall. Now that the pandemic is coming to an end, we are seeing an increase in demand for gas around the world as the national open back up again. Now that more counties are in demand for gas the causing the price to go up all across the world. The impact of high gas prices is causing the cost of goods to go up making the cost of living out of control.

• What future problems would result from scarce resources?

Energy will become a scarce resource, and with population increase the demand for energy will too. We are starting to see some of the impacts of the energy crisis now with the cost going to the roof for the average Joe. Some countries are transitioning to solar renewable energy to get ahead of future energy demands.

• Do you agree or disagree, and why, with Chelsea Follett about overcoming future resource scarcity?

I agree with Chelsea Follett. The scarcity of goods can be managed if the people use the assets proficiently and develop similar associations or organizations to replace most of the resources which will be depleted later. We are seeing this shift now, more and more governments are moving away from gas power vehicles and moving to EV electric vehicles and developing ways to store unused energy in batteries. I personally do not think EVs are the future to solve our world problems, I feel like hydrogen vehicles will be.

• Recommend one strategy to overcome present and future resource scarcity.

Make it easier to switch to re-new able energy and have a benefit right away. Why I personally think people are staying away from renewable energy because of the cause to process them and get them installed.