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 ?
common way that societies allocate scarce goods in non-emergency
One is not used to thinking of one's own body in terms of a scarce good, but in imagining the most ideal situation one could ever hope for, the Garden of Eden, it becomes possible to realize that one's body is indeed the prototype of a scarce good for the use of which property rights, i.
It is true that the natural order is not a scarce good because it applies equally and perpetually to everyone.
In this case, the law does not protect property over a scarce good, since the scarcity is created by the law itself.
CARACAS, Rajab 26, 1436, May 15, 2015, SPA -- A major pharmacy chain has started fingerprinting customers in Caracas, as Venezuela's socialist government tries to halt smugglers and resellers from stocking up on scarce goods from toilet paper to medicines, Reuters reported.
Users with excellent reputations gain access to scarce goods.
Although Sandel is fuzzy on the specifics, he wants an enlightened debate to determine whether other people should be allowed to use prices when they cooperate or allocate scarce goods.
We are motivated to acquire scarce goods and resources that bolster a sense of well-being.