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Most water-related conflicts occur over fresh water because these resources are necessary for basic human needs but can often be scarce or contaminated or poorly allocated among users. Water scarcity worsens water disputes because of competition for potable water, irrigation, electricity generation and other needs. [8]
About half of the world's population currently experience severe water scarcity for at least some part of the year. [38] Half a billion people in the world face severe water scarcity all year round. [5] Half of the world's largest cities experience water scarcity. [12] Almost two billion people do not currently have access to clean drinking water.
In the context of an entire economy, resources can be allocated by various means, such as markets, or planning. In project management, resource allocation or resource management is the scheduling of activities and the resources required by those activities while taking into consideration both the resource availability and the project time. [1]
Because productive resources are scarce, the resources must be allocated to various industries in just the right amounts, otherwise too much or too little output gets produced. [2] When drawing diagrams for businesses, allocative efficiency is satisfied if output is produced at the point where marginal cost is equal to average revenue.
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 ...
Natural resource economics deals with the supply, demand, and allocation of the Earth's natural resources. One main objective of natural resource economics is to better understand the role of natural resources in the economy in order to develop more sustainable methods of managing those resources to ensure their availability for future ...
A spectrum auction is a process whereby a government uses an auction system to sell the rights to transmit signals over specific bands of the electromagnetic spectrum and to assign scarce spectrum resources. Depending on the specific auction format used, a spectrum auction can last from a single day to several months from the opening bid to the ...
Scarcity involves making a sacrifice—giving something up, or making a trade-off—in order to obtain more of the scarce resource that is wanted. [ 19 ] The condition of scarcity in the real world necessitates competition for scarce resources, and competition occurs "when people strive to meet the criteria that are being used to determine who ...