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Scarcity
(redirected from Scarce good)

   Also found in: Dictionary/thesaurus, Legal, Wikipedia 0.01 sec.
Scarcity
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.


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Mugabe's government has imposed price controls to cushion shoppers against price hikes but this has only spawned a burgeoning black market where scarce goods are available at more than 30 times the official price.
The profit motive beats benevolence when it comes to getting scarce goods.
1) We are motivated to acquire scarce goods and resources that bolster a sense of well-being.
 
 
 
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