Scarcity in Economic Markets
This post looks into the concept behind scarcity and its presence in our economic-driven society
Scarcity is the limited availability of a commodity or good. In economics, scarcity play a major role in the way corporations, businesses, and individuals interact with one another.
For example, when you go to the grocery store, fruits and vegetables are scarce on the market often because they only grow at certain times of the year. Since the availability of fruit and vegetables is small, there is a higher risk that certain fruits and vegetables will be scarce or not always available. You will notice that the market does not have any strawberries at all. Why? Maybe there were no shipments of strawberries, or too few strawberries came in that by the time you got there
In the world of economics, the same thing occurs. Resources are scarce and yet there is a high demand for these resources. Economists study the ways in which producers and consumers go about resolving these issues.
For economists, scarcity means that people can imagine more possible ways in which they can put a good to use than there are goods that can be used. The greater that gap, the more scarce something is.
The earths resources are finite and limited, and for this reason we must find ways to balance supply and demand and lower the rates of scarcity
Competition for scarce resources is the core concept around which all modern economics is built….
Scarcity is and will always be inevitable, but through communication and a desire to reach balance, nations can make greater use of the available resources.