what is a characteristics for scarcity
insufficiency of supply
Check this site for more characteristics of scarcity.
http://dictionary.reference.com/browse/scarcity
what is a non characteristics for scarcity
thank you
http://www.synonym.com/antonym/scarcity/
What is
A characteristic of scarcity is that resources are limited or scarce relative to human wants and needs. This means that there are not enough resources available to satisfy every desire or need that people have. Scarcity exists because our wants and needs are essentially unlimited, but the resources required to fulfill them are finite.
To understand the concept of scarcity, you can follow these steps:
1. Identify the resource: Start by identifying the resource in question. It could be anything from natural resources like oil or water to human resources like labor or time.
2. Determine its availability: Assess the availability of the resource. Is it abundant and easily accessible, or is it rare and difficult to obtain? The more limited the resource, the more scarcity becomes a relevant characteristic.
3. Evaluate demand: Consider the level of demand for the resource. How many people or entities want or need it? High demand coupled with limited availability increases the significance of scarcity.
4. Assess opportunity cost: Analyze the opportunity cost associated with the resource. Opportunity cost refers to the value of the next best alternative that must be given up to obtain the desired resource. When resources are scarce, choosing one option means forgoing others.
By examining these factors, you can observe the characteristic of scarcity and understand how it impacts decision-making, allocation of resources, and economic systems as a whole.