Scarcity
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| # [[insufficient]] to meet a [[demand]] or [[requirement]]. | # [[insufficient]] to meet a [[demand]] or [[requirement]]. | ||
| # [[difficult]] to find, due to [[scarcity]]. | # [[difficult]] to find, due to [[scarcity]]. | ||
| + | In [[economics]], '''scarcity''' is the problem of [[infinite]] [[Fundamental_human_needs|human needs]] and [[wants]], in a world of [[finite]] [[resource]]s. In other words, society does not have sufficient productive resources to fulfill those wants and needs. Alternatively, scarcity implies that not all of society's goals can be pursued at the same time; [[trade-off]]s are made of one good against others. In an influential 1932 essay, [[Lionel Robbins]] [[An Essay on the Nature and Significance of Economic Science#Major propositions|defined]] economics as "the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses." | ||
| + | In biology, ''scarcity'' can refer to the uncommonness or [[rare species|rarity]] of certain [[species]]. Such species are often protected by local, national or international law in order to prevent [[extinction]]. | ||
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- insufficient to meet a demand or requirement.
- difficult to find, due to scarcity.
In economics, scarcity is the problem of infinite human needs and wants, in a world of finite resources. In other words, society does not have sufficient productive resources to fulfill those 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 behaviour 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.
