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Scarcity In Economics and Its Elements

Referencing Styles : Harvard | Pages : 1

In the subject of economics, the word scarcity has many dimensional attacks from the hypothetical point of view, but defining it at the same time becomes a little difficult. So, in simple words, the meaning of scarcity can be understood as the gap in between the limited. It can also be signified as the limited availability of a certain thing, which is in use of mankind. As the human needs or wants are limitless, they do not have a certain boundary. So, one can say that, this word scarcity arises from the basic difference in between the desires of the human beings and the available resource in use. So, one must cut down their desires in order not to face the face the scarcity of certain resources. The foundation of the economic problem is based on scarcity. One must try and make most effective usage of all the goods and service available be it natural or manmade, because at times even the natural resources might exhaust if not used wisely and appreciatively. Like for example, the water resources are available to mankind for free, however people have been using it so harshly and they are being extremely unwise to its availability for free that the water table has gone down by an extreme level in certain areas, and if not used wisely and decisively, then in the near future human beings might have to face the water scarcity issues in their day today life. Also which, will make the survival of human being a very difficult challenge. Money and time are quintessentially scarce resources. Most people have too little of one, the other, or both. An unemployed person may have an abundance of time, whereas that person might find it very difficult to pay his rent. However  a hotshot executive,  may be financially capable of retiring on a whim,  but he/she might be forced to eat ten minute lunches and sleep for only few hours a night. A third category has little time or money. But, it is quite rare to find a person who might have abundant time and money at his ease to buy him all the worldly goodies.

There are several elements in relation to scarcity like:

Human wants and demands are unlimited, the desire to get or buy something is known as want or desires. With the growing population one can experience the growth in their wants. Human desires have wings because as soon as one of this is fulfilled they look for something else, this goes on and ob. Also demonstration effect plays a very significant role in this, as if your neighbour has a fleet of cars, you too might aspire to get one.

Scarce Resources are also one of the most impactful reasons behind the limited availability of the resources. Like natural gifts or the naturals which are given to us by nature should be used very effectively and wisely because there over usage might result in their depletion in the near future.

Wants have their own order of importance like all the desires of the mankind are not of the same order, so at first one must try and just their most essential needs or wants.

Alternative uses, which means one must make an effective decision with the money or the resources which are available to him. One has to decide upon which commodity he/she can sustain with and without. So, a sincere and a precise decision is very important as far as the scale of preferences are concerned.

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