Opportunity cost arise due to :

Resource scarcity.

Lack of alternative.

Limited wants.

Abundance of resources.

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Nusrat FatimaLv10

21 Oct 2020

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The scarcity of a resource is a long term shortage of resources. It has resulted from different causes such as high demand, low supply, structural scarcity, and absence of substitutes. The demand-induced scarcity means a higher demand for a resource exceeds its supply. For instance, overpopulation can lead to a high level of consumption of products, and therefore more resources are needed to supply their needs. The supply induced scarcity is a result of the deterioration of the resources. It is also attributed to the changes in climate and weather and the occurrence of natural calamities that would destroy the natural resources. Another cause is the mismanagement of the resource, where there is an unequal distribution of the resources. Lastly, the lack of alternative resources can lead to scarcity, especially for those resources that are already degrading. As a solution, there should be a sustainable use of resources to slow down the degradation of the resources. Another is the use of renewable resources.