Those five are the duties of universal obligation.
Concept[ edit ] Scarcity refers to a gap between limited resources and theoretically limitless wants . The notion of scarcity is that there is never enough of something to satisfy all conceivable human wants, even at advanced states of human technology.
Scarcity involves making a sacrifice— giving something upor making a tradeoff —in order to obtain more of the scarce resource that is wanted. Gold on the other hand has a high production cost. It has to be found and processed, both of which require a great deal of resources.
Additionally, scarcity implies that not all of society's goals can be pursued at the same time; trade-offs are made of one goal against others.
In an influential essay, Lionel Robbins defined economics as "the science which studies human behavior as a relationship between ends and scarce means which have alternative uses".
Scarcity can also occur through stockpiling, either as an attempt to corner the market or for other reasons.
Temporary scarcity can be caused by and cause panic buying. Scarce goods[ edit ] A scarce good is a good that has more demand than supply.
This, according to economic laws, would have by nature an attributed price. The term scarcity refers to the possible existence of conflict over the possession of a finite good.
Demand-induced scarcity happens when the population or demand for the resource increases and the supply stays the same . Supply-induced scarcity happens when a supply is very low in comparison to the demand .
This happens mostly due to environmental degradation like deforestation and drought. Lastly, structural scarcity occurs when part of a population doesn't have equal access to resources due to political conflicts or location .
This happens in Africa where desert countries don't have access to water. To get water they have to travel and make agreements with countries who have water resources.
In some countries political groups hold necessary resources hostage for concessions or money . Supply-induced and structural scarcity demands for resources cause the most conflict for a country .
Nonscarce goods[ edit ] On the opposite side of the coin there are the nonscarce goods. As Frank Fetter explains in his Economic Principles: Such things are called free goods. They have no value in the sense in which the economist uses that term.
Free goods are things which exist in superfluity; that is, in quantities sufficient not only to gratify but also to satisfy all the desires which may depend on them. For a good to be considered nonscarce it can either have an infinite existence, no sense of possession or it can be infinitely replicated.An exploration of the nature and history of capitalism.
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