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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."
An economic liberal argument against artificial scarcity is that, in the absence of artificial scarcity, businesses and individuals would create tools based on their own need (demand). For example, if a business had a strong need for a voice recognition program, they would pay to have the program developed to suit their needs.
Post-scarcity is a theoretical economic situation in which most goods can be produced in great abundance with minimal human labor needed, so that they become available to all very cheaply or even freely.
Opportunity cost is the concept of ensuring efficient use of scarce resources, [25] a concept that is central to health economics. The massive increase in the need for intensive care has largely limited and exacerbated the department's ability to address routine health problems.
e. Economics (/ ˌɛkəˈnɒmɪks, ˌiːkə -/) [ 1 ][ 2 ] is a social science that studies the production, distribution, and consumption of goods and services. [ 3 ][ 4 ] Economics focuses on the behaviour and interactions of economic agents and how economies work.
Supply chain as connected supply and demand curves. In microeconomics, supply and demand is an economic model of price determination in a market. It postulates that, holding all else equal, the unit price for a particular good or other traded item in a perfectly competitive market, will vary until it settles at the market-clearing price, where ...
Robbins develops and defends several propositions about the relation of scarcity to economics and of economic theory to science, including the following. [2] "Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses." (1935, p. 15)
Production–possibility frontier. In microeconomics, a production–possibility frontier (PPF), production possibility curve (PPC), or production possibility boundary (PPB) is a graphical representation showing all the possible options of output for two goods that can be produced using all factors of production, where the given resources are ...