Scarcity

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Revision as of 10:19, 11 March 2019 by imported>Doug Williamson (Expand definition.)
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Economics.

Referring 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