Final answer:
Resources are classified as renewable or nonrenewable, with renewable resources being naturally replenished and nonrenewable existing in finite amounts. The U.S. is moving towards renewables due to the concept of scarcity, which necessitates efficient resource allocation amidst unlimited wants and limited supplies.
Step-by-step explanation:
Resources can be categorized as either renewable or nonrenewable. Renewable resources are those that can be replenished through natural processes at the same rate they are used, such as sunlight and wind energy. In contrast, nonrenewable resources exist in fixed amounts and can be completely used up, examples being fossil fuels like coal and oil. The United States has been transitioning from reliance on nonrenewable to renewable resources.
The concept of scarcity relates to the tension between our unlimited wants and the limited availability of resources. This forces people and society to make decisions about how to allocate resources efficiently. Understanding the differences between renewable and nonrenewable resources is crucial in addressing scarcity and ensuring sustainable economic practices are set up for future generations.