Scarcity — School of Salamanca · Aristotree

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Scarcity. 1 connected concept: Opportunity cost (related to).

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Scarcity

Community · Opportunity cost

Summary

In economics, scarcity refers to the basic fact of life that there exists only a finite amount of human and nonhuman resources which the best technical knowledge is capable of using to produce only limited maximum amounts of each economic good.

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Scarcity image — Wikimedia

SourcesWikipedia

Connections1

fundamental condition for the existence of opportunity cost
Opportunity cost only arises because resources are limited; if resources were infinite, every choice could be satisfied without forgoing any alternative.
SourcesWikipedia Wikidata Wikipedia Wikidata

Facts

Scarcity — School of Salamanca · Aristotree