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Scarcity also includes an individual's lack of resources to buy commodities. [2] The opposite of scarcity is abundance. Scarcity plays a key role in economic theory, and it is essential for a "proper definition of economics itself". [3] "The best example is perhaps Walras' definition of social wealth, i.e., economic goods. [3] 'By social wealth ...
In strategic planning, resource allocation is a plan for using available resources, for example human resources, especially in the near term, to achieve goals for the future. It is the process of allocating scarce resources among the various projects or business units.
Examples in textbooks included seawater and air. Intellectual property laws such as copyrights and patents have the effect of converting some intangible goods to scarce goods. Even though these works are free goods by definition and can be reproduced at minimal cost, the production of these works does require scarce resources, such as skilled ...
For example, cereal grains have been major carriers of virtual water in countries where water resources are scarce. So cereal imports can compensate for local water deficits. [114] However, low-income countries may not be able to afford such imports in the future.
Rationing is the controlled distribution of scarce resources, goods, services, [1] or an artificial restriction of demand. Rationing controls the size of the ration, which is one's allowed portion of the resources being distributed on a particular day or at a particular time. There are many forms of rationing, although rationing by price is ...
A good example where recycling makes a big difference is the resource availability situation for graphite, where flake graphite can be recovered from a renewable resource called kish, a steelmaking waste created when carbon separates out as graphite within the kish from the molten metal along with slag. After it is cold, the kish can be processed.
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.
A common pool resource however is often managed the group of people that have access to that resource [14]. Examples of this can be air, water, sights, and sounds. Tragedy of the commons refers to this title. An example would be unregulated forests as there's limited resources available and therefore rivalrous, but anyone may access these ...