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 ?
With a few exceptions, the general conclusion that the class reaches is that these resources do not reflect scarcity as described by Malthus and Ehrlich.
Various concepts like scarcity in terms of agriculture, water, and energy lead to distraction from its main target.
Financial impacts are a critical part of water scarcity risk evaluation.
The scarcity concept doesn't have to involve a reappearance of a store brand product to be a success, however.
The Hilly Areas Sustainable Agricultural Development Project, launched last week, will help small-scale farmers and rural communities address the growing problem of water scarcity in the areas of Akkar-Dannieh, North Baalbeck and Hermel, South and Lower Litani, and Mount Lebanon.
The conclusions stress the need to respect the hierarchy of measures to prevent and adapt to water scarcity and droughts and to promote water efficiency and water demand management through a combination of different tools (water pricing, better irrigation techniques, re-use of waste water).
Population growth is a major driver of scarcity at the regional and global levels.
Growing water scarcity is now one of the leading challenges for sustainable development," FAO said.
Adeel Younas (Senior Officer Freshwater Programme WWF Pakistan) told the participants that a water stressed country like Pakistan was facing water scarcity. He stressed an active public role in conservation of depleting water resources in Pakistan.
It can lead to poor crop yields and cause food scarcity in the region, the researchers believe.
Adeel Younas, senior officer Freshwater Programme WWF Pakistan, told the participants that a water stressed country like Pakistan was facing water scarcity.