Scarcity

Scarcity

Introduction

One of the basic principles of economics is scarcity. In the real world there are many resources available, some in bulk and others are less. Yet, the resources are all finite (except for some such as oxygen, for which we currently do not have to pay). But what makes a product or poor service from the economic point of view is the difference between supply and demand for the same, i.e., the difference between those that are available in the market and those who want to acquire the people (Thurber, 2008). This obviously also have a relationship with the ...