The economic definition of scarcity differs from our everyday definition of the word because anything that costs money is scarce. Although we do not typically think of commons objects, such as [[pencil]]s, as being scarce, economics does include them within the concept of scarcity. | The economic definition of scarcity differs from our everyday definition of the word because anything that costs money is scarce. Although we do not typically think of commons objects, such as [[pencil]]s, as being scarce, economics does include them within the concept of scarcity. |