Scarcity

Scarcity is the fundamental economic problem of having humans who have unlimited wants and needs in a world of limited resources. It states that society has insufficient productive resources to fulfill all human wants and needs. Alternatively, scarcity implies that not all of society's goals can be pursued at the same time; trade-offs are made of one good against others. In an influential 1932 essay, Lionel Robbins defined economics as "the science which studies human behavior as a relationship between ends and scarce means which have alternative uses."

In biology, scarcity can refer to the uncommonness or rarity of certain species. Such species are often protected by local, national or international law in order to prevent extinction.

Read more about Scarcity:  Scarcity in Economics

Other articles related to "scarcity":

Scarcity Heuristic - Scarcity Variations
... The scarcity heuristic does not only apply to a shortage in absolute resources ... author of Influence Science and Practice, the scarcity heuristic leads to us to make biased decisions on a daily basis ... It is particularly common to biased by the scarcity heuristic when assessing four parameters quantity, rarity, time, and censorship ...
Scarcity in Economics
... services) that are scarce are called economic goods (or simply goods if their scarcity is presumed) ... More clearly scarcity is our infinite wants hitting up against finite resources ... These things are said to derive all or most of their value from their scarcity ...
Post-Scarcity Anarchism
... Post-Scarcity Anarchism is a collection of essays written by Murray Bookchin and first published in 1971 by Ramparts Press ... possible form anarchism might take under conditions of post-scarcity ... Bookchin's "post-scarcity anarchism" is an economic system based on social ecology, libertarian municipalism, and an abundance of fundamental resources ...
Artificial Scarcity
... Artificial scarcity describes the scarcity of items even though the technology and production capacity exists to create an abundance ... The inefficiency associated with artificial scarcity is formally known as a deadweight loss ...
Scarcity Heuristic - Conditional Variations - New Scarcity
... New scarcity occurs when our irrational desire for limited resources increases when we move from a state of abundance to a state of scarcity ... When asked to rate the quality of the cookie the group with two, in line with the scarcity heuristic, found the cookies more desirable ...