the concept that resources are always limited in relation to possible uses for them
A condition where less of something exists than people would like if the good had no cost. Scarcity arises because resources are limited and therefore cannot accommodate all of our unlimited wants.
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
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
a small and inadequate amount
The condition that arises because the available resources are insufficient to satisfy wants. (p. 4)
The state in which the resources available are insufficient to satisfy people's wants.
Insufficient supply or amount of something needed, a shortage or goods or services that are needed.
Refers to the economic principle of supply and demand; if there is a limited supply of desirable properties in a given area, the value of those properties will increase.
resources are limited, not plentiful.
A condition that occurs because people’s wants and needs are unlimited, while the resources to produce goods and services to meet those wants and needs are limited.
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.
The condition that results from the imbalance between relatively unlimited wants and the relatively limited resources available for satisfying those wants.
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 limited amount of something; the inability to meet everyone's wants
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.
when there are not enough resources to satisfy wants.
The situation which arises when demand for any given good outstrips the supply of that good.
the condition which exists because resources are in fixed or limited supply relative to demand. Thus a cost must be borne in order to obtain a resource when this condition exists.
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.
making choices based on the reality of unlimited wants and limited resources
Human want exceeds the means of satisfying these wants.
Inadequate supply of something. When there is a scarcity of housing, it results in price increases of those available.
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.