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[1] Scarcity is the limited availability of a commodity, which may be in demand in the market or by the commons. Scarcity also includes an individual's lack of resources to buy commodities. [ 2 ] The opposite of scarcity is abundance .
Unobtainium began to be used among people who are neither science fiction fans nor engineers to denote an object that actually exists, but which is very hard to obtain either because of high price (sometimes referred to as "unaffordium") or limited availability. It usually refers to a very high-end and desirable product.
When customers of a public switched telephone network make telephone calls, they utilize a telecommunications network called a switched-circuit network. In a switched-circuit network, devices known as switches are used to connect the calling party to the called party.
Resource slack, in the business and management literature, is the level of availability of a resource. Resource slack can be considered as the opposite of resource scarcity or resource constraints. The availability of resources can therefore be defined in terms of resource slack versus constraints, as two ends of a continuum. [1]
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The availability heuristic (also known as the availability bias) is the tendency to overestimate the likelihood of events with greater "availability" in memory, which can be influenced by how recent the memories are or how unusual or emotionally charged they may be. [20] The availability heuristic includes or involves the following:
In any technical subject, words commonly used in everyday life acquire very specific technical meanings, and confusion can arise when someone is uncertain of the intended meaning of a word. This article explains the differences in meaning between some technical terms used in economics and the corresponding terms in everyday usage.
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