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'''Scarcity''' is a concept basic to all of [[economics]]: [[Goods]] having alternative uses can be increased only by [[sacrifice|sacrificing]] other [[resource]]s or goods. Put another way, scarcity arises when wants are greater than means. Here is a third way to describe the same concept: everything in limited supply that is useful has a [[price]].
'''Scarcity''' is a concept basic to all of [[economics]]: [[goods]] having alternative uses can be increased only by [[sacrifice|sacrificing]] other [[resource]]s or goods. Put another way, scarcity arises when wants are greater than means. Here is a third way to describe the same concept: everything in limited supply that is useful has a [[price]].
Scarcity occurs when there is not enough of an item or service for everyone to have as much as they want at no cost. Anything that costs money is a scarce good. Anything that is always free, such as [[air]], is not scarce or is not demanded.
Scarcity occurs when there is not enough of an item or service for everyone to have as much as they want at no cost. Anything that costs money is a scarce good. Anything that is always free, such as [[air]], is not scarce or is not demanded.