Scarcity refers to the limited availability of commodities, which may be of interest in the market. The concept of scarcity also includes the capacity of individuals to buy all or part of commodities in accordance with the resources available to that individual.
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Scarcity refers to the gap between limited resources and unlimited theoretical desires. The idea of ​​scarcity is that there is never enough (something) to fulfill all possible human desires, even in advanced countries of human technology. Scarcity involves sacrifice - giving something, or making a tradeoff - to get more scarce resources desired.
The condition of scarcity in the real world requires competition for scarce resources, and competition occurs "when people are trying to meet the criteria used to determine who gets what". The price system, or market price, is one way to allocate scarce resources. "If a society coordinates an economic plan on the basis of a willingness to pay money, members of that society will [try to compete] to make money." If other criteria are used, we would expect to see competition in terms of these other criteria.
For example, although air is more important to us than gold, it is less rare just because the cost of air production is zero. Gold on the other hand has a high production cost. It has to be found and processed, both require a lot of resources. In addition, scarcity implies that not all community goals can be achieved at the same time; a trade-off is made from one goal against another. In an influential 1932 essay, Lionel Robbins defines economics as "the science that studies human behavior as the relationship between ends and rare means with alternative uses". In the case of monopoly or monopsony, artificial scarcity can be made. Scarcity can also occur through accumulation, either as an attempt to corner the market or for other reasons. Temporary scarcity can be caused by (and causes) panic buying.
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Rare items are goods that have more demand than supplies. This, according to economic laws, is basically a specified price. The term scarcity refers to the possibility of conflict over limited ownership of goods. One can say that, for scarce goods, the possession and control of others does not include the control of others. Pride falls into three different categories: demand-induced, supply-induced, and structural. Scarcity caused by demand occurs when the population or demand for resources increases and inventory remains the same. The supply-induced scarcity occurs when supply is very low compared to demand. This is mainly due to environmental degradation such as deforestation and drought. Finally, structural scarcity occurs when part of the population does not have equal access to resources due to conflict or political location. This is the case in Africa where desert countries have no access to water. To get water they have to travel and make arrangements with countries that have water resources. In some countries, political groups take the resources necessary for concessions or money. The demand for supply-induced and structural supply for resources causes the greatest conflict for a country.
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Source of the article : Wikipedia
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