scarcity

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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.

scarcity

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 ?
Unlike other kinds of scarce goods typically distributed through the
as allocation principles for scarce goods if they were under a veil of
Users with excellent reputations gain access to scarce goods.
Hoppe also argues that externalities caused by one's property upon someone else's do not fall within the liability of the owner: Nobody can be the owner of the value or price of scarce goods, which depend on the subjective valuations of other individuals.
Pay stands for the delivery of scarce goods and services.
Work is seen as an act one has to do upon the environment to provide for scarce goods.
For example the rewards of housework, a clean house and grateful household members, can be considered as scarce goods (at least they can in our houses), available for consumption.
Here the scarce goods or services that are produced are provided for the whole community, not just for the volunteer workers themselves.
Using Bidland's AuctionSite(SM) Builder technology, a MasterlineNet client can create a working auction in as little as an hour to reduce surplus inventory, offer scarce goods to the highest bidder and drive "sticky" traffic to their Web sites.
Later, Marlowe more accurately describes buying as "a way of negotiating the competition for scarce goods without physical violence.
net auction services to generate new revenue channels from existing and new customers by capturing the true market value of everything from scarce goods and services to excess inventories.
Wealth is an economic concept that refers to something that can generate a stream of (some kind of) income, but property is a legal concept referring to the protection accorded the acquisition, use, and transfer of scarce goods.