Under the given circumstances, the basic assumption is that the forces of scarcity and supply and demand will be in play. When the ecologist states that we are using up irreplaceable resources, it means that such resources are scarce and in limited quantity and cannot be replaced. Anything that is scarce and limited in quantity will eventually run out, depending on our rate of consumption. Hence the supply of such sources is limited, and, as...
Under the given circumstances, the basic assumption is that the forces of scarcity and supply and demand will be in play. When the ecologist states that we are using up irreplaceable resources, it means that such resources are scarce and in limited quantity and cannot be replaced. Anything that is scarce and limited in quantity will eventually run out, depending on our rate of consumption. Hence the supply of such sources is limited, and, as the supply diminishes (while the demand stays steady or increases), the price of the commodity will increase. Over time, the continuous increase in price will force companies and consumers to looks for and accept alternatives that are relatively cheaper. Hence, price rise will force ingenuity and enterprise to find suitable alternatives. An example is petroleum. We have a limited quantity of it and the supply is going to run out some time in future. Given the oil crisis and rising fuel prices, scientists and businesses came out with solar power and wind energy and we are embracing them as possible alternatives to the petroleum oil.
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