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 ?
Mr Kwerepe, however, said the teacher at Kgale Hill JS was paid a scarce skill allowance and coordinated the operation of the special unit.
Rickard Arvidsson and Bjorn Sanden, researchers in environmental systems analysis at the university, pose as an alternative solution the substitution of carbon nanomaterials for the scarce metals.
Pilosellina must have stellate trichomes also on adaxial surface of leaves, stolons absent or, if present, scarce, short and relatively thick and thin involucral bracts with abundant and dominant long simple eglandular trichomes and more or less abundant stellate trichomes: in this area it can only be P.
TRAI has, therefore, decided to undertake a consultation process on various issues related to deactivation of SIMs due to non-usage with a view to protect the interests of consumers while seeking to ensure better utilization of scarce numbering resources," it further adds.
While a doctoral student in 1993, Scarce was jailed for five months after he refused to cooperate with a federal grand jury that requested copies of interviews he had conducted with "Earth liberation" activists in Washington state.
As described, the basic argument we have advanced is that, when compared to nonnarcissists, narcissistic consumers are more likely to strive to purchase scarce products in order to gain others' admiration and envy, because they believe that the possession of a scarce product demonstrates their uniqueness and hence validates their excessively positive self-view.
India's government unveiled a new telecom policy that would allow pooling of scarce mobile spectrum in the fast-growing cellular market and reduce the country's "digital di vide".
ISLAMABAD, January 22, 2011 (Balochistan Times): Ban has been imposed over the illegal business and hunting of scarce birds in Islamabad, the decision has been taken jointly by CDA and District Administration Islamabad here the other day.
ISLAMABAD, January 22, 2011 (Frontier Star): Ban has been imposed over the illegal business and hunting of scarce birds in Islamabad, the decision has been taken jointly by CDA and District Administration Islamabad here the other day.
Security minister Baroness Pauline Neville-Jones agreed it was important that "scarce" skills were protected from the migration cap.
Summary: LONDON, Jul 01, SPA -- The Bank of England says the amount of secured credit available to households increased slightly in the second quarter, but lenders say it might be more scarce in the July-September quarter, according to AP.