Production : The process of making something from raw materials.
Scarcity : Short in supply or shortage
Labor : Hard physical work
Devaluation : Underestimation of worth or importance of something.
The given statement is : Most resources are non renewable and wants and needs are unlimited.
Non-renewable resources are the natural resources that get exhausted after usage. It takes a very long time for them to get replenished. Hence their availability has limitations.
Whereas it needs are increasing.
For example, the fuel for the automobiles are obtained from the foosil fuels, which are non-renewable. Everybody wants to own an automobile and it has also turned out to be a need today. There is an increase in the requirement of fossil fuels but their availability is limited.
Hence, it is an example of SCARCITY.