When there are not enough resources to satisfy wants Michigan Council on Economics Education: http: //eft merit edu/eam/definitions html
term used to describe the limited availability of resources, so that if no price were charged for a good or service, the demand for it would exceed its supply
"Scarcity" is a term referring to the condition where people cannot have all the goods and services that they want It results from the imbalance between the relatively unlimited wants and limited resources Scarcity is found in all societies
Resources are used to produce the goods and services that satisfy wants While resources are limited, we have unlimited wants This scarcity encourages us to conserve resources Conservation Nonrenewable resources Recycle Reduce Renewable resource Resources Scarcity
The idea that price is driven by availability of the product If there is not enough product to meet demand (the product is scarce), the price of the product will rise
a lack of something, like money, natural resources, etc Scarcity forces you to make choices about how you use or treat whatever is scarce
a situation in which the needs and wants of an individual or group of individuals exceed the resources available to satisfy them (Bannock et al , 1992) (S1) chinese | russian