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 ?
It includes very scarce programmes and tickets from Boro overseas tours to Australia and New Zealand in 1974-75, Australia in 1977 and Japan and Morocco in 1980.
World Bank chief scientist Robert Walson concurs, saying that sea level rise alone will force huge population displacements in Bangladesh, and cause crucial farmland and fresh water to become scarce.
This hybrid approach is not suitable for mobile data applications, where spectrum is scarce and high-speed mobility is required.
But in addition to that, it is also true that communicable diseases such as tuberculosis spread easily; wars over scarce resources mount; fragile environments are exploited for survival; poverty and wars trigger refugees and emigration.
Furthermore, the ethical principle of justice requires that, in an egalitarian society, all individuals have an equal opportunity to access scarce resources.
Many Arab countries increasingly are relying on non-renewable groundwater supplies to augment their scarce water supply in order to respond to growing demand.
The Women in Scarce Skills Programme is aimed at encouraging female learners to take up careers in fields previously dominated by males.
The pair, both aged 19 and from Aston, perform a mixture of R&B, hip-hop and garage music and are known as Sparks and Scarce.
The diverse and wide ranging sale also includes pre-WWI programmes, a signed postcard of 1930s Boro captain Bob Baxter, a scarce 1934 North Riding Amateur Cup Final programme, and a substantial collection of 1940s/50s Boro programmes, postcards, autographs, lapel badges, cigarette and trade cards, tickets and books.
Congressionally mandated mandatory minimums put unconstitutional constraints on state governments and cause the states to have to expend scarce monies in less-than-ideal ways, keeping them from experimenting with creative sentences that may prove to be more efficacious than present sentences.
Commerce Department is beginning to hear from different sectors of the business community concerning the climbing price and scarce availability of ferrous scrap.
It is not resources that are too scarce but the institutions that ensure human freedom.