(Answered) Economic resources used in the production process are called blankEconomic resources used in the…

➤ When do firms face resource scarcity in production?
Firms face scarcity when demand grows faster than available land, labor, or capital. In the short run, at least one input is fixed so capacity limits bind. Scarcity also appears when skilled workers, raw materials, or financing are constrained, prompting price changes, substitution, or investment.