Technology And Scarce Resources Samples †MyAssignmenthelp.com

Question: Discuss about the Technology And Scarce Resources. Answer: Economic issues are generated by the scarcity of resources, which refers to a condition of availability of limited resources, where want or need of resources is high (Barnett and Morse 2013). These resources can be land, labour or economic resources. In order to sustain basic needs of us the scarcity of any resource needs to be reduced we can only achieve it by technological modifications or innovations. The natural resources like fresh water, oil, gas, coal, rare earth elements, Phosphorus are depleting due regular use of near about 7 billion people. The pressure on these limited natural resources creating a misbalance in the nature and environment. We can put a hold on this resource depletion is technology. Resource exploration and extraction are the effects of technological innovation in order to secure scarce resources. Resources can be properly monitored using advance technology so that the scarce resources can be identified and the problems due to scarcity can be solved. Techno logical innovations have provided us new methods of using renewable resources for our daily requirements or for bigger purposes (Smulders 2012). Non agricultural food, use of solar and wind energy for electricity replacing coal are some examples. Therefore, I can tell that technological change or innovations either modifies the ways of using scarce resources or show the ways of using renewable resources. References: Barnett, H.J. and Morse, C., 2013.Scarcity and growth: The economics of natural resource availability(Vol. 3). Routledge. Smulders, S., 2012. Endogenous technological change, natural resources, and growth.Scarcity and Growth Revisited: Natural Resources and the Environment in the New Millenium, p.155