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 ?
The effects of the resulting undersupply would be felt most acutely by those that are least able to compete in the housing market and those in need of affordable housing.
Stefan Burch, Saudi Arabia general manager at Knight Frank said: ''in order to address the housing undersupply issue, the government has launched a number of projects in recent years - although not all of these have achieved the success that had been envisioned.
Only by addressing the chronic undersupply of new homes can we stem the financial pressure on families and Government.
Particularly Aeroflot (AFLT RX) complained a lot about abnormal growth of pilot's salaries caused by sharp undersupply of pilots.
The balance of supply over demand turned positive in the first quarter after two and a half years of undersupply.
com)-- The seven theses, published in the Quest Trend Magazine Online, spot geological and technological structural problems, oversupply and undersupply at the same time, price determination without considering costs of environmental protection, price speculations, China's striving for dominance since the 1980s and a suggestion for solution.
Undersupply of 28nm process at TSMC, which is currently the world's No.
We believe that Coventry will face an undersupply of quality and sustainable office space and Friargate represents one of the few major office-led schemes that will be ready to deliver efficient, low-carbon buildings that meet the needs of the modern business.
Development projects that are likely to remain viable and in demand are those in prime locations in major cities where there is an undersupply of shopping centre space and a large population.
We anticipate Bahrain's residential market to have substantial undersupply in the affordable homes segment as developers continue to focus on the premium segment of the market," the report states.
The lowest figure since 1978, when the Japan Automobile Dealers Association began compiling relevant data, was attributable to weak sales of new vehicles that led to an undersupply of used ones.
Pressing issues being debated, such as homelessness and housing costs, are rooted in chronic undersupply of new housing.