The use of compromise is the technique that is illustrated here when it comes to the use of scarce resources.
Since resources are limited, scarcity in economics refers to a situation where the demand for a resource is higher than the supply.
When a natural resource is in short supply due to higher demand than supply, the amount of that resource in circulation decreases.
Natural scarce resources include gold, oil, silver, and other fossil fuels. These resources might become scarce and costlier as demand outpaces supply. Due to their scarcity and monopoly on the market, some goods, like diamonds, fetch exorbitant prices.
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