One of the most fundamental issue of economics is the scarcity of resources. The meaning to this term means planning and organizing the production in a limited resources. The opportunity cost is frequently involved in making decisions for the economy. However, in case of short-term demands that price of the commodity is inelastic. The supply of the goods and services falls due to scarcity and as a result the price of the commodity rises. In a free market the increase in price acts like an indicator and the demand for the goods falls as there is movement along the demand curve. Even without scarcity, the science of economics would not exist. It is the study of production, manufacturing, distribution and consumption of good and services. A good is considered to be scarce because it consist of a price value. As an individual everything that we consume is said to contain cost and is scarce. Therefore, it can be said that the society creates the need which leads the trade-offs to be made.
With the help of two scarce goods – that is camel meat and chicken. Both the product consist of a certain amount of cost. But it is considered that meal meat is much more expensive to buy than chicken. The resources to produce camel meat involves labor and capital cost, while in case of chicken the cost is much less to produce labor and capital cost. Even though the resources are limited in case of both the production, there is much more labor and capital available for the production of chicken meat. The quantity of chicken is much less as compared to camel meat and hence the labor cost production cost that affect the cost of the scarce items.
The reason for a scarcity of resource can be due to the potential market failure. The decision we take in the present group may affect the future availability of future resources for upcoming generation. An alternate problem for scarcity of economics can occur in free markets, since goods and services are rationed by price. There is always a danger that some of the consumers cannot afford to buy certain goods because the income is limited and hence cannot afford to make a purchase. Economics is also concerned with the rearrangement of income to help the consumers to be able to afford the necessities.
The organization now days has implemented a procedure in positioning their stock. Many online store use the method of leverage limited stock notice. When a consumer sees a product that is almost out of stock, the reaction of the consumer towards the product will act urgently and purchase it immediately. Scarcity increase the negative emotions which effect the decision made by the consumers. Socioeconomic scarcity is connected to negative emotions like depression and nervousness. Hence, these changes can influence through methods and behaviors. The effects of scarcity contributes to the sets of factors which caters to poverty.
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