The island of Borneo is famous internationally for its rainforests which can bring many benefits, both private and external. However, the economy is heavily dependent on a finite resource, oil. The discovery of oil reserves in other parts of the world led to a significant fall in the world price of oil. This affected producers of oil in Borneo. Define finite resource.
Exam No:0455_w21_qp_21 Year:2021 Question No:3(a)
Answer:
A resource is an aid to production (1) which is limited in supply (1) it
cannot be replaced over time / fast enough / will run out (1) to keep
pace with consumption (1).
cannot be replaced over time / fast enough / will run out (1) to keep
pace with consumption (1).
Knowledge points:
1.1.1 finite resources and unlimited wants (Definitionandexamplesoftheeconomicproblem)
Solution:
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