Answer:
This is an example of Scarcity.
Step-by-step explanation:
Resources being nonrenewable and wants/needs being unlimited demonstrates the concept of economic scarcity. The definition of scarcity is:
"Scarcity refers to limited resources and an inability to produce enough goods and services to satisfy all human wants and needs."
Since most resources are nonrenewable and finite, while human wants and needs are virtually unlimited, it creates scarcity where there are not enough resources to satisfy all of humanity's desires. This forces societies to make choices about how to allocate limited resources.
The other concepts mentioned do not fit as well:
Production - refers to the act of creating output, while this example is about limited resources
Labor - refers specifically to human effort used in production, not the broader concept of scarcity
Devaluation - refers to a decrease in the value of a currency, not the economic concept illustrated in the statement.
So in summary, the key aspects that point to scarcity rather than the other concepts are:
- Resources being nonrenewable and finite
- Wants/needs being unlimited
- An inability to satisfy all desires due to constrained resources
These demonstrate the economic problem of scarcity, where there is a lack of resources compared to the demand for them.