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
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An effective approach to solving environmental health problems is collaborative problem-solving, or CPS. CPS enables stakeholders in environmental health to work together to address the challenges they encounter. Collaborative problem-solving promotes the reconciliation of divergent ideas, suggestions and interests on myriad issues that would otherwise be quite complicated if dealt with on an individual basis.Full Answer >
Propane usage depends on the nature of use, such as appliances, furnaces and fireplaces, as well as the climate. Each gallon of propane provides 91,547 British thermal units, or BTUs. Appliances can vary a great deal from about 25,000 BTUs per hour to more than 400,000 BTU per hour.Full Answer >
Wind energy produces value in several ways: it provides the United States with a domestic source of energy, creates cost savings for consumers and reduces environmental impact. Wind energy classifies as a renewable source of energy. It operates using natural winds, which spin wind turbines, producing electricity without burning harmful and toxic fossil fuels.Full Answer >