A scarce resource is a substance that is not readily available to satisfy a specific need or use. Typically, a resource is considered scarce if there is a higher demand for that substance than there is for available supply.
Several natural resources are becoming scarce in the world, from raw materials to the water that sustains life. You also need to learn “Why are resources distributed unequally over the earth”. A shortage of these resources can affect the economy, environment and society as a whole. There are many factors that can cause a scarcity of any resource, such as poor weather or drought conditions. Other environmental factors, like overhunting or over fishing, can also contribute to the issue.
Fossil fuels, for example, are being used at an alarming rate, causing a rapid depletion of their availability. If we continue to use them at today’s rate, they may run out within decades.
Aluminum is another resource that could become scarce. It is the most common metal found on Earth, but it is rapidly becoming scarcer as we continue to use it more. Other materials, like copper and iron, are also being depleted. This is a problem that will only get worse as demand increases. Similarly, some minerals that are found in soil and water are becoming scarcer, including phosphorus. This resource is important for fertilizers and is used to help plants grow.
Rare Earth Elements
Rare earth elements, which are essential for computers, smartphones and other modern devices, could also become scarce in the future if we don’t find alternative uses. China, which produces about 90% of the world’s rare earth elements, claims that their mines will run dry in 15-20 years if they continue to be used at their current rates.
Causes of Scarcity
A scarcity of these resources can lead to increased costs for consumers, who often have to pay more for products or services that are not available in sufficient quantities. This can impact consumer spending in a variety of ways, from the amount of food on supermarket shelves to the amount of energy that consumers use for their daily activities.
Other causes of scarcity can be natural disasters, like fires and hurricanes, and conflict. During times of war, countries may restrict exports of certain commodities or impose trade embargoes. In addition, the population of certain areas or nations may be growing quickly, requiring a larger supply of resources. This can lead to a scarcity of housing or other goods and services.