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 in Sustainability
According to the Sustainability Laboratories, there are five core principles vital to the achievement of a sustainable future for the world. They are the material, economic, social, life and spiritual domains. In order for the programs seeking to create a sustainable future to succeed, the sustainable programs being implemented should have a balance of activities and policies that cover all the five core principles, as they are interdependent.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 >
Three types of recycling methods are household recycling, recycling in the garden, and recycling in the community. All three of these methods play an important factor in conserving natural resources and greatly contribute toward improving the environment.Full Answer >
Sustainable energy includes energy forms able to meet the growing needs of humans without compromising future demands, while renewable energy sources are widely available, naturally replenished and have low environmental impact. Some sustainable energy sources are not renewable because of their pollution and other environmental concerns.Full Answer >