Final answer:
Scarce resources are valued due to their limited availability and opportunity cost, leading to people being willing to pay for them.
Explanation:
Scarce resources are valued because they are limited in quantity and diminish as they are used. People are willing to pay for scarce resources due to the opportunity cost involved, which refers to the value of the next best alternative foregone by using the resource. Unlike renewable resources that are replenished at a rate comparable to human consumption, scarce resources are finite and in high demand.
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