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  1. 40 Examples of Scarcity - Simplicable

    • 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 to produce more of … See more

    Tradeoffs

    Scarcity forces economic actors to make tradeoffs. In a market, prices represent the opportunity cost of each good such that buying more of one thing may mean less of another. See more

    Time & Place

    Scarcity occurs at a time and place. For example, a place may experience water scarcity. There is about 1.386 billion km3 of … See more

    Structural Scarcity

    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 or a lack of infrastructure. For example, r… See more

    Demand Scarcity

    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

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  1. Key Takeaways

    • Scarcity is an economic concept where individuals must allocate limited resources to satisfy their needs.
    • Scarcity limits the choices available to consumers in an economy.
    • Some natural resources that are easily and widely accessible eventually prove scarce as they are depleted from overuse.
    • Scarcity affects the monetary value individuals place on goods and services.
    www.investopedia.com/terms/s/scarcity.asp
    www.investopedia.com/terms/s/scarcity.asp
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