Scarcity: Difference between revisions
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* [[Limiting factor]] | * [[Limiting factor]] | ||
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Revision as of 16:20, 15 November 2020
Economics.
Scarcity refers to a resource (such as natural gas) which is limited in supply and from which demand must be satisfied.
The term is a relative one, as - ultimately - all resources are limited in supply.
For decision making purposes, scarcity often refers to the resource which is most scarce in the situation under review.
