'''Scarcity ''' is a concept basic to all of [[economics]]: [[goods ]] having alternative uses can be increased only by [[sacrifice|sacrificing ]] other resources [[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]].
Put another way, scarcity arises Scarcity occurs when wants are greater than meansthere 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.
Anything The economic definition of scarcity differs from our everyday definition of the word because anything that costs money would be a is scarce good. Anything that is always freeAlthough we do not typically think of commons objects, such as air[[pencil]]s, would as being scarce, economics does include them within the concept of scarcity. This scarcity arises from the fact that most people are notcapable of producing high-quality pencils on their own, or finding them in nature, so from an individual's perspective, the supply of pencils is limited to those available to her in the marketplace.
In '''Scarcity''' may be defined as a lack of [[Christianityfaith]], nothing meaningful and is truly scarcea byproduct of [[the Fall]]. Scarcity In [[Christianity]] there is often exaggerated to justify non-Christian belief systemsno true scarcity in the Kingdom of Heaven, such as and numerous accounts and parables in the [[socialismGospels]], emphasize the lack of genuine scarcity: *the [[communismmultiplication of the loaves]] or <ref>Matt 14:13-21.</ref>*the master's estate in the [[Prodigal Son]]<ref>Luke 15:11-32.</ref>*an excess of fish found by casting the net on the other side of the boat<ref>John 21:6.</ref>*the [[Set theory and the Bible|Parable of evolutionthe Vineyard Workers]] These examples highlight the local nature of scarcity and price.A good's price is determined by its supply and demand and is time and place specific. We can easily conclude that in heaven, prices and scarcity do not exist, but the scarcity on earth creates a price. ==References==<references/> ==See also==*[[Economic parables]]*[[Lifeboat ethics]][[Category:Economics]]