Difference between revisions of "Scarcity"
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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. | ||
| − | [[Christianity]] | + | '''Scarcity''' may be defined as a lack of [[faith]]. In [[Christianity]] there is no true scarcity in the [[Kingdom of Heaven]], and numerous accounts and parables in the [[Gospels]] emphasize the lack of true scarcity: |
*the multiplication of the loaves<ref>Matt 14:13-21.</ref> | *the multiplication of the loaves<ref>Matt 14:13-21.</ref> | ||
*the master's estate in the [[Prodigal Son]]<ref>Luke 15:11-32.</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> | ||
==References== | ==References== | ||
Revision as of 18:22, December 9, 2007
Scarcity is a concept basic to all of economics: Goods having alternative uses can be increased only by sacrificing other resources 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.
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 pencils, as being scarce, economics does include them within the concept of scarcity.
Scarcity may be defined as a lack of faith. In Christianity there is no true scarcity in the Kingdom of Heaven, and numerous accounts and parables in the Gospels emphasize the lack of true scarcity:
- the multiplication of the loaves[1]
- the master's estate in the Prodigal Son[2]
- an excess of fish found by casting the net on the other side of the boat[3]
