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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.


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 ?
She explores how people coped on a practical level with the economic scarcity, social upheaval, and political arbitrariness of the 1930s, but also how they tried to make cultural sense of these experiences.
Thus, he suggests that if one grants the premise that economic scarcity is "substantially overcome" under communism and that self-interest is "rendered benign" by his conceptual distinction, people will "set about to become the free (autonomous) beings that, according to Rousseau's vision, they always essentially were" (p.
Partially offsetting these positive factors are the challenges that HIC faces as a single state writer in a catastrophe prone area, most specifically those of competition, economic scarcity inherent in an island economy and regulatory changes.

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