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Effects of Scarcity of Resources in the Modern World:

Select all the correct answers. Identify two effects of scarcity of resources in the modern world.

Option 1: Nations are economically self-sufficient.
Option 2: Nations depend on one another to obtain goods and services.
Option 3: Nations specialize in certain industries.
Option 4: Nations don't engage in international trade.

1 Answer

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Final answer:

Scarcity of resources leads to nations depending on each other for goods and services, as well as specializing in certain industries, but does not lead to economic self-sufficiency or a lack of international trade.

Step-by-step explanation:

The effects of scarcity of resources in the modern world include: nations becoming increasingly interdependent on one another for goods and services, and nations specializing in certain industries to gain comparative advantage. Specifically, the scarcity of resources means that nations are not economically self-sufficient (Option 1) and unlikely to disengage from international trade (Option 4), as they need to rely on each other to meet their needs and wants. Therefore, the correct answers are Option 2: Nations depend on one another to obtain goods and services, and Option 3: Nations specialize in certain industries. Through globalization, nations coordinate economically to determine what to produce, how to produce it, and who receives what is produced, thereby shaping international trade and economic structures.

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