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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.
Scarcity rent is one of two costs the extraction of a finite resource imposes on society. The other is marginal extraction cost--the opportunity cost of resources employed in the extraction activity. Scarcity rent is the cost of "using up" a finite resource because benefits of the extracted resource are unavailable to future generations.
Post-scarcity is a theoretical economic situation in which most goods can be produced in great abundance with minimal human labor, so that they become available to all very cheaply or even freely. [1] [2] Post-scarcity does not mean that scarcity has been eliminated for all goods and services.
Scarcity value is an economic factor describing the increase in an item's relative price by a low supply.Whereas the prices of newly manufactured products depends mostly on the cost of production (the cost of inputs used to produce them, which in turn reflects the scarcity of the inputs), the prices of many goods—such as antiques, rare stamps, and those raw materials in high demand ...
As we head further into a new year, gold is experiencing renewed interest and a strong price, with its performance being driven, in part, by investors wary of persistent inflation.In December, the ...
Surplus economics is the study of economics based upon the concept that economies operate on the basis of the production of a ... Economic surplus; Scarcity rent ...
Hotelling's rule defines the net price path as a function of time while maximizing economic rent in the time of fully extracting a non-renewable natural resource.The maximum rent is also known as Hotelling rent or scarcity rent and is the maximum rent that could be obtained while emptying the stock resource.