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What is Scarcity
Scarcity is a fundamental concept of economic theory. Economic scarcity is the main characteristic of economic goods that are rare to customers, opposed to free goods.

Scarcity is a fundamental concept of economic theory. Economic scarcity is the main characteristic of economic goods that are rare to customers, opposed to free goods. They meet two basic attributes:

  • Utility - an appropriate goods must have the ability to bring the utility to its user
  • Rarity - an appropriate goods can’t be freely available

Scarcity in practice: Economic scarcity leads to the willingness to pay for particular goods.

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Last update: 24.05.2016

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