Scarcity: Difference between revisions
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imported>Doug Williamson m (Spacing 20/8/13) |
imported>Doug Williamson (Expand definition.) |
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Referring to a resource (such as natural gas) which is limited in supply and from which demand must be satisfied. | 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 == | == See also == | ||
* [[Limiting factor]] | |||
* [[Production possibility curves]] | * [[Production possibility curves]] | ||
Revision as of 10:19, 11 March 2019
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.
