These are 2 features of resources: -)
1. Resources are scarce.
2. Resources have alternative uses.

Two features of resource

1. Scarcity
Scarcity is one of the key features of resources in microeconomics. It refers to the limited availability of resources in relation to the unlimited wants and needs of society. Resources are scarce because they have alternative uses and cannot fulfill all the different needs and desires of individuals and society as a whole. This scarcity creates the need for individuals and society to make choices about how resources are allocated and used.

Explanation:
- Resources such as land, labor, capital, and entrepreneurship are limited in supply. For example, there is a finite amount of land available for agricultural purposes, a limited number of skilled workers in a particular industry, a finite amount of financial capital that can be invested, and a limited number of individuals with the entrepreneurial skills to start and run businesses.
- On the other hand, human wants and needs are virtually unlimited. People have various desires and needs, ranging from basic necessities such as food and shelter to luxury goods and services. However, due to the scarcity of resources, it is impossible to satisfy all these wants and needs simultaneously.

2. Opportunity Cost
Opportunity cost is another important feature of resources in microeconomics. It refers to the value of the next best alternative that is forgone when a choice is made. When resources are used to produce a particular good or service, the opportunity cost is the value of the alternative goods or services that could have been produced with those resources.

Explanation:
- Resources can be allocated in different ways to produce various goods and services. However, choosing to produce one good or service means giving up the opportunity to produce other goods or services. This is known as the opportunity cost.
- For example, if a country decides to allocate a significant portion of its resources to produce cars, the opportunity cost would be the other goods and services that could have been produced with those resources, such as healthcare, education, or infrastructure development.
- Opportunity cost helps in making efficient resource allocation decisions by considering the trade-offs involved. It allows individuals, businesses, and governments to evaluate the benefits and drawbacks of different choices and make informed decisions about resource utilization.

Overall, scarcity and opportunity cost are two key features of resources in microeconomics. Scarcity highlights the limited availability of resources, while opportunity cost emphasizes the trade-offs involved in resource allocation decisions. By understanding these features, individuals and societies can make better choices and allocate resources in the most efficient and effective way.