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 ?
This period of undersupply had eroded stocks, and so the extra supply is now enabling countries such as China to rebuild their stockpiles.
Thesis 4 reveals that a general scarceness in supply of rare earths will not prevail until 2016, instead of that a mixture of oversupply and undersupply can be expected.
Alpen Capital expects the residential market of Bahrain to see substantial undersupply in the affordable homes segment as developers continue to focus on the premium segment of the market.
This has resulted in there being both an undersupply (at the aggregate level) and an oversupply (of expensive units) at the same time.
The foeto-foetal transfusion syndrome affects only monozygotic twins and results in an undersupply of blood in one twin.
Construction will remain limited in the near term as developers continue to encounter difficulties securing financing and penciling out new projects at current rents, setting the stage for an undersupply situation and above-trend rent growth beginning in 2012.
saturated fat, cholesterol, and sodium) and undersupply nutrients that help protect against illness (e.
5% compared to 2009--periods of undersupply are ahead, the firm says.
The report concludes that many of these public goods are undersupplied and that this undersupply is likely to be accentuated in the future due to threats, such as trends in commodity prices, technological drivers and the impacts of climate change, suggesting the need for a greater degree of public intervention in the future.
Investment bank HC Securities & Investment said Abu Dhabi is expected to have an undersupply of 75,000 homes by 2011.
This has led to a predicted global undersupply of 190,000 tonnes in 2010.
This publication from the United Nations Industrial Development Organization examines the provision of public goods and their undersupply throughout the globe as related to policy and participation in economic markets.