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
Advantages of clearcutting include the ability to manage forests economically, the creation of sunny spaces for sun-loving plant species, and the development of forage habitats for deer, elk and wildlife. Disadvantages include the disruption of existing ecosystems, the unsightly appearance and increased risk of erosion.Full Answer >
As of 2015, Switzerland recycles more than any other country in the world. A Yale University study ranked countries according to factors that represent the results of each nation's dedication to recycling.Full Answer >
The term non-biodegradable describes substances that do not break down to a natural, environmentally safe condition over time by biological processes. In other words, non-biodegradable materials do not decay.Full Answer >
Since nuclear energy does not depend on fossil fuels, it offers benefits including reductions in greenhouse gas emissions and dependence on fluctuating oil or gas prices. As of 2014, the worldwide fleet of nuclear reactors reduces carbon dioxide emissions by 2 billion metric tons each year.Full Answer >