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In classical economics, the fact that resources are limited while desires are unlimited. The existence of scarcity requires the efficient allocation of resources and drives innovation to work around limitations. That is, scarcity often refers to trading one good or service for another, but it may cause an economic actor to invent something that will satisfy as many desires as possible. See also: Land, labor, and capital.


the limited availability of economic resources (FACTORS OF PRODUCTION) relative to society's unlimited demand for GOODS and SERVICES. See ECONOMICS.
References in periodicals archive ?
When it comes down, this mandate is clearly driven by a climate of economic scarcity.
She explores how people coped on a practical level with the economic scarcity, social upheaval, and political arbitrariness of the 1930s, but also how they tried to make cultural sense of these experiences.
Economic scarcity does depend on geology, but it can also be created by anticompetitive (monopolistic) behavior or may temporarily result from any of a variety of shocks to the world's oil producing regions.

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