On one hand, are almost always limited, while on the other hand, are practically unlimited. we describe this situation by saying that a condition of exists, which leads to a resource problem.

Resource,wants and needs,scarcity,allocation.

Explanation:

As we all know that we have limited resources and the wants and needs of people are practically unlimited.

This can be described in the best way by saying that when there is a scarcity condition is present and we are having limited resources so there will come the problem of resource allocation means to whom to provide the resources.

industry had made the u.s. the richest nation in the world at this time. the second industrial revolution caused growth in industry and transportation, which allowed increased trade between nations.

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