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.

• Conflict

  • Social conflict is the struggle for agency or power within a society to gain control of scarce resources.
  • It occurs when two or more people oppose one another in social interactions, reciprocally exerting social power in an effort to attain scarce or incompatible goals, and prevent the opponent from attaining them.
  • Resources are scarce and individuals naturally fight to gain control of them.

• 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 the Four Functions of Governmen

• 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.

• Allocating Scarce Natural Resources

  • The third function served by government is allocating scarce natural resources.

• Licensing

  • Scarce capital, import restrictions, or government restrictions may make this the only feasible means for selling in another country.

• 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.

• The Conflict Perspective: Class Conflict and Scarce Resources

• The Argument Against Barriers

  • Protection of import-competing industries with tariffs, quotas, and non-tariff barriers can lead to an over-allocation of the nation's scarce resources in the protected sectors and an under-allocation of resources in the unprotected tradeable goods industries.
  • Therefore, the ultimate economic cost of the trade barrier is not a transfer of well-being between sectors, but a permanent net loss to the whole economy arising from the barriers distortion toward the less efficient the use of the economy's scarce resources.