Scarcity is a term for resources, goods and experiences that are limited in supply. This is a basic dimension of economics and life in general whereby it is costly, difficult or impossible … See more

Scarcity forces economic actors to make tradeoffs. In a market, prices represent the opportunity … See more

Structural scarcity denotes a good or resource that is relatively abundant in one place but scarce in another due to structural problems such as political obstacles o… See more

Scarcity is always viewed with respect to demand. If people don't want something, it isn't scarce. Likewise, if demand for something increases, this can increase scarcity.… See more

Scarcity can suddenly increase due to supply disruptions. For example, a government that forces businesses or ports to close down would cause supply of goods to decreas… See more