Definition of Scarcity: when human wants and needs exceed available resources
Examples:
1. When industries tear down the forest, the trees, wildlife and habitats become scarce.
2. The unemployment rate can not be zero, there will always be people looking for jobs. This means that jobs are scarce.
3. Education is also scarce. Although it is easy to go to school in America, it is not as easy to get an education in places such as Africa and Cambodia.
Who does not face scarcity?
- It is impossible to not face scarcity because we continue to have unlimited wants and needs. Once we obtain something, there will be a next level of needs.
How can scarcity be eradicated?
Theoretically, when people are satisfied with what they already have, scarcity will become less of a dilemma. Realistically, it can never be eradicated.
Useful Links
<http://www.economist.com/news/books-and-arts/21584303-those-too-little-have-lot-their-mind-days-late-dollars-short>
<http://www.businessweek.com/articles/2012-07-26/the-age-of-scarcity>
By: Rita Sin Joey Ouk Jennifer Houth
