Scarcity: Difference between revisions
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imported>Doug Williamson (Expand definition.) |
imported>Doug Williamson (Expand first sentence.) |
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''Economics''. | ''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. | The term is a relative one, as - ultimately - all resources are limited in supply. | ||
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* [[Limiting factor]] | * [[Limiting factor]] | ||
* [[Production possibility curves]] | * [[Production possibility curves]] | ||
[[Category:The_business_context]] | |||
Revision as of 10:19, 11 March 2019
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.
