Scarcity is Not a Shortage
Media Type: Office Hours Topic: Supply & Demand, Marginal Thinking
- Dig This?
-
Like it? Share it!
Tweet
In this video I dispel one of the misconceptions that students have about the term scarcity. Students often think that because something is scarce there is a shortage of it. However, economists use the term scarcity to refer to any condition in which a good is not freely available in nature. As a result, goods that are scarce can be abundant.
- Your Thoughts
- Was this helpful to you? (20 votes)
- Tags
- Related Content
-
-
- Finding the Market
- demand, supply, markets, equilibrium, graphing
-
- I Want It All
- scarcity, opportunity cost, utility, positive time prefer...
-
- Soak Up The Sun
- scarcity, choice, opportunity cost, normative economics, ...
-
Ask Dirk Now!
Students, got an econ question?
- Who's Dirk?
- More on the man, himself. Meet Dirk
- Econ Media Library
- Check out multimedia tools, videos and more in our Media Library
What People are saying...