Scarcity is one of 51 concepts identified by the National Council on Economic Education. Scarcity is an economic problem because one of the main factors that drives economics is the relationship in supply versus demand; if something is in demand and also in short supply, it is more scarce and therefore garners a higher price.Know More
The field of economics looks at how purchasing decisions are made and what factors affect the choice to buy a given item. The principal of scarcity results from having unlimited wants in a world of restricted resources. The theory says that society has a limited means to produce, and therefore fulfill, all the desires and demands placed on a given market.
One simple example is produce shopping in a supermarket. When a fruit or vegetable is at its peak of production there is more of that food available and the price for it is lower than when that same item is purchased off season. When a food isn't in seasonal production, it becomes more scarce and then requires more resources to obtain than when it's plentiful.
The market availability of a demand, what it takes to produce or procure it, and the subsequent effect that has on prices are all factors in whether something is considered economically scarce.Learn more about Sustainability
If something is renewable, it is capable of being replaced through sound management practices or by natural ecological cycles. It is not used up like a finite resource.Full Answer >
Scrap paper prices in the United States in 2014 varied from $30 to $110 per megaton, according to Scrapmonster. The amount of money a person receives from recycling paper varies depending on the quantity, the type of paper and the market. These factors can determine how much paper is worth.Full Answer >
An example of carrying capacity is the number of people that could survive on a remote island after a shipwreck. In order for them to survive, they need to consider the available resources and the amount that each individual consumes.Full Answer >
A common option for recycling scrap metal is to take it to a scrap yard for a cash payout. Most scrap metal has some cash value, but scrap yards still recycle metal that does not. The difference is that there is no cash payout in these cases.Full Answer >