Scarce

Examples of Scarce in the following topics:

• Scarcity Leads to Tradeoffs and Choice

  • When scarce resources are used, actors are forced to make choices that have an opportunity cost.
  • Most resources are scarce in most situations.
  • Since resources tend to be scarce, anyone that uses the resource has to make a decision about how to use it.
  • Your scarce resources force you to make a choice and a trade-off producing one product or another.
  • When scarce resources are used (and just about everything is a scarce resource), people and firms are forced to make choices that have an opportunity cost.

• Economics as a Study of the Allocation of Scarce Resources

  • The domain of economics is the study of processes by which scarce resources are allocated to satisfy unlimited wants.
  • Supply, demand, preferences, costs, benefits, production relationships and exchange are tools that are used to describe and analyze the market processes by which individuals allocate scarce resources to satisfy as many wants as possible.

• Introduction to Microeconomics

  • In the last part of the 19th century, "political economy" became "economics. " Since that time, economics has been frequently defined as "the study of how scarce resources are allocated to satisfy unlimited wants. " As a professional discipline, economics is often regarded as a decision science that seeks optimal solutions to technical allocation problems.
  • One perspective is the technical analysis of the processes by which scarce resources are allocated for competing ends.

• What is Economics?

  • Orthodox economics is defined as the study of how relatively scarce resources are allocated to competing alternative uses within a social context.
  • Some texts define economics as "the social science concerned with the efficient use of limited or scarce resources to achieve maximum satisfaction of human material wants" [McConnell, 2002, p3].

• The Importance of Factor Prices

  • For example, a country where capital and land are abundant but labor is scarce will have comparative advantage in goods that require lots of capital and land, but little labor.
  • Labor intensive goods on the other hand will be very expensive to produce since labor is scarce and its price is high.

• Performance

  • The function of a market system is to provide the information and incentives that will result in the allocation of relatively scarce resources and goods to their highest valued use within a social system.

• Crowding-Out Effect

  • ., via stimulus programs) could create competition with the private sector for scarce funds available for investment, resulting in an increase in interest rates and reduced private investment or consumption.

• Key Differences

  • Stemming from Adam Smith's seminal book, The Wealth of Nations, microeconomic and macroeconomics both focus on the allocation of scarce resources .

• The Magic of the Economy

  • Economics studies human activities and constructions in environments with scarce resources, and uses the scientific method and empirical evidence to build its base of knowledge.

• Private Property Rights

  • Thus, and this point is important, the concept of property rights in the context of the new approach applies to all scarce goods.
  • The prevailing system of property rights in the community is, them, the sum of economic and social relations with respect to scarce resources in which individuals stand to each other.