Scarcity

Scarcity

Scarcity are limited resources to meet unlimited wants. Scarcity always exists because our needs and wants are always greater than our resource supply. Goods and services are scarce because they are all made from resources that are scarce.
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Why Scarcity Is Important?

Scarcity is the most important concept in Economics. Without scarcity there's no choice. Since Economics is the study of how people make choices, without scarcity there would exist no choice and no economics.

Examples of Scarcity

- The gasoline shortage in the 1970's

- Waste of water through long showers or allowing water to run while brushing one's teeth can contribute to a scarcity of water

- Over-fishing

- Over- hunting an animal population

Citation

"Basic Economics: Scarcity and Choices Part 1." Basic Economics: Scarcity and Choices Part 1. N.p., n.d. Web. 01 June 2015.


"Lesson Notes - Scarcity, Opportunity Costs, and Basic Economic Questions." Lesson Notes - Scarcity, Opportunity Costs, and Basic Economic Questions. N.p., n.d. Web. 03 June 2015.


"Water Scarcity in India." Nourishing the Planet. N.p., n.d. Web. 03 June 2015.


"Good 50×70 2008." Good 5070 2008 RSS. N.p., n.d. Web. 03 June 2015.