The quality or condition of being scarce; smallness of quantity in proportion to the wants or demands; deficiency; lack of plenty; short supply; penury; as, a scarcity of grain; a great scarcity of beauties.
The condition that exists when human wants exceed the capacity of available resources to satisfy those wants; also a situation in a resource has more than one valuable use. The problem of scarcity faces all individuals and organizations, including firms and government agencies. View Capstone Lesson(s) that address this concept
Scarcity means that people cannot obtain as much of something as they want, without making a sacrifice or bearing a cost. Scarcity defines a relationship - between the amount of something we want and the amount that is available.
The lack of enough resources to satisfy human wants. Because scarcity is ever-present, individuals face an ever-present need to make choices. (See also Choice.) View LEI Lesson(s) that address this term
An economic principal that dictates the price of a good or service through the interaction of supply and demand. When an item is scarce, its price tends to rise, given a constant demand. Real Estate is a classic example of scarcity.
An economic principle which when used to explain real estate markets states that while there is no physical shortage of land in the United States, there are occasional shortages of economically useful land at particular locations.
In economics, scarcity is defined as a condition of limited resources, where society does not have sufficient resources to produce enough to fulfill subjective wants. Alternatively, scarcity implies that not all of society's goals can be attained at the same time, so that trade-offs are made of one good against others are made. Neoclassical economics, the dominant school of economics today, defines its field as involving scarcity: following Lionel Robbins' definition, economics is a science which studies human behavior as a relationship between ends and scarce means which have alternative uses.