Scarcity: Difference between revisions

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imported>Doug Williamson
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* [[Limiting factor]]
* [[Limiting factor]]
* [[Production possibility curves]]
* [[Production possibility curves]]
* [[Scarce resource]]


[[Category:The_business_context]]
[[Category:The_business_context]]

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.


See also