Abstract
01
Acknowledgement
02
Contents
03
INTRODUCTION
1.1
Definition
04
1.2
Types of scarcity
07
LITERATURE REVIEW
2.1
Omen
14
2.2
Superstition
14
2.3
Luck
15
2.4
16
CONCLUSION
20
REFERENCES
31
Supernatural
The condition that exists because human wants exceed the capacity of
available resources to satisfy those wants.
SCARCITY
What does scarcity mean?
What causes goods to become unavailable all of a sudden? Is that
considered scarcity or a shortage?
Definition of Shortage and Scarcity
A shortage occurs whenever quantity demanded is greater than quantity
supplied at the market price. More people are willing and able to buy the
good at the current market price than what is currently available. When a
shortage exists, the market is not in equilibrium. At equilibrium, the
quantity demanded equals the quantity supplied at the market price.
The term 'shortage' can be easily confused with scarcity, which is one of
the underlying basic problems of economics. The easiest way to
distinguish between the two is that scarcity is a naturally occurring
limitation on the resource that cannot be replenished. A shortage is a
market condition of a particular good at a particular price. Over time, the
good will be replenished and the shortage condition resolved.
ago
and
large consensus
of
expert
opinion
had
been
above
section.
He
calls the
hitherto
classificatory
accepted
and
and
well
unscientific.
The
lacked
universality Economics
is
the
science
which
means having
alternative
uses,
for
the
satisfaction
of
multiple ends. Means refer to time, money or any other form of property.
They are all limited. But since the ends are unlimited, choice-making is
essential. That is why-Economics has been called a science of choice.
From the point of view of the State, Economics may be defined as the
study of those principles on which the resources of a community should be
so regulated and administered as to secure the communal ends without
waste. ( ic teed. In Stiglers words, Economics is the study of the iples
governing the allocation of scarce means arc g competing ends when the
objective of allocation i to maximise the attainment of the ends.
In other words, Economics i a study
Examples of Scarcity
Scarcity is fewer resources than are needed to fill human wants and
needs. These resources can be resources that come from the land, labor
resources or capital resources. Scarcity is considered a basic economic
problem.
Understanding Scarcity
Scarcity dictates that economic decisions must be made regularly in order
to manage the availability of resources to meet human needs.
Some examples of scarcity include:
After poor weather, corn crops did not grow resulting in a scarcity of
food for people and animals and ethanol for fuel.
All of these are examples of scarcity because there was not a sufficient
amount of the resource to go around.
DEFINED Have you ever wondered why diamonds, luxury items, are so
expensive, while water, a necessity of life, is relatively cheap? The answer
is scarcity. There are not enough diamonds in the world to satisfy the
desire for them, yet there is an abundance of water. While it costs only a
couple of dollars to buy a 20 ounce bottle of water (and thats very
expensive water), a 20 ounce bottle of diamonds could run into millions of
dollars. Scarcity is the term economists use to describe the phenomenon
that people want more of a commodity than is freely available.
Commodities include the physical goods (automobiles, houses, and
handbags) and services (haircuts, airplane rides, and lawn mowing) that
households buy. Commodities also include resources such as peoples
work effort, raw materials, and the land that is used to produce the
household products. Some things are not scarce; there is as much of the
commodity as we would like freely available to us. Air and seawater are
two common examples. Think about sitting in the teachers lounge. You
can breathe as much air as you like and there is still more air for others to
use. In this context, air is not scarce and, from an economists
perspective, it is free (that is, its opportunity cost is zero). Competing uses
may change that situation. As you relax in the teachers lounge, imagine
another faculty member entering with a lit cigarette. Suddenly that clean
air you were breathing is not so clean anymore. While the air remains free,
clean air has become scarce. The air now has two uses; for breathing and
for waste disposal of tobacco smoke. Clean air in the teachers lounge has
become a scarce resource. There will always be scarcity. Scarcity cannot
be eliminated. Eliminating scarcity defies nature because there is a limit
to the natural resources available to us. If there were no limits and no
scarcity, we could all fully satisfy all of our desires for goods, services, and
resources. Think for a moment about the decision to produce goods and
services. Imagine you own ten acres of productive land. You can grow
vegetables on your land or you can raise cattle. In fact, you can do some
of both, but in order to grow more vegetables you must give up raising
some cattle. Lets assume you can grow 50 bushels of vegetables per acre
or one cow per acre. This means that on your ten acre plot you can grow
up to 500 bushels of vegetables or raise as many as ten Scarcity
constrains us from having all that we desire. We have to make choices
among available alternatives. At the very least, time is scarce for all of us.
Each of us must decide what we are going to do each day and night.
Should I go to the mall tonight, stay home and study, or meet with a youth
group? Income is limited. Should I spend my ten dollar allowance on a new
shirt or pizza and a movie? Resources are scarce. Should I use my last cup
of milk for my cereal or to bake a cake? Scarcity forces us to make a trade
off between alternatives. We must decide how to use our income, our
time, and our other resources. We must choose which desires to meet.
Scarcity makes decisions about the allocation of resources important. If
there are 40 students and 20 hamburgers, how do we decide who gets a
hamburger? The answer is that in a market economy, we tend to allocate
commodities through price. We use currency, or dollars, to determine who
gets things. In our choice to purchase one item we are also deciding how
many other goods and services we are willing to give up to obtain it. All
things are not rationed through the use of currency. Goods rationed on a
first-come basis will go to those that are first to get into line and are
willing to wait in line. University enrollment is often allocated to those with
the highest grades or best test scores. In command and control
economies, production decisions are made by the central governments
planning authority. Scarcity is the reason why economic decisions have to
be made. Economic decisions are those choices we must make between
alternatives. We make choices to determine how to use resources for
production and to decide which goods and services to consume. Without
scarcity there would be no choices, we could have it all.
alternative use) is not scarce. Scarcity The desire for things is greater than
is freely available Module-1 Teacher 12 Copyright 2008 by MCEE
(www.econedmontana.org) Economics: The Study of Choices 5. LQuestion:
Why do we make a trade off? Answer: Scarcity forces us to make a trade
off. Because resources are scarce we cannot have as much of everything
as we would like. As a result, we must decide which desire we are going to
meet and which we are not. 6. LQuestion: Is it necessary to allocate
resources? Answer: Yes, if they are scarce. If there were no governed
allocation of resources it may come down to a physical battle. The
resources would be allocated to those with the greatest brut force. As long
as resources are limited and scarce, we cannot all freely have as much as
we would like. 7. LQuestion: When things become more scarce, do they
become more or less valuable? Answer: More valuable. As there is less of
something available (or the demand for it becomes greater with no
change in availability) those with the greatest desire for it will be willing to
give up more to obtain it.
http://economicskey.com/robbins-definition-science-scarcity-sciencechoice-7237
Lesson-IIIA: The gift of life individuals from receiving organ replacements
that could either save a life or substantially improve the recipients quality
of life. In the United States, all states have enacted a variation of the
Uniform Anatomical Gift Act of 1968. Under this law, individuals are able
to specify that some or all of their body may be donated after their death.
The original version of this Act neither allowed, nor prohibited, the sale of
human organs. The revised Uniform Anatomical Gift Act of 1987, however,
prohibited the sale of human organs. Restrictions on the sale of human
organs in the United States came about as a result of markets that
appeared in the early 1980s for kidneys that were harvested from living
donors in return for a fee. Kidneys were sold primarily by the very poorest
members of society. The The gift of Life A medically invented, artificial
scarcity in human organs for transplantation has generated a kind of panic
and a desperate international search for them and for new surgical
demands.
Nancy
Scheper-Hughes
Advances
in
medical
Module-1
Lesson
Copyright
2008
by
MCEE
(www.econedmontana.org) Economics: The Study of Choices 227 LessonIIIA: The gift of life National Organ Transplant Act of 1984 prohibited
payments to those who provided organs for transplantation. While this Act
was primarily designed to prevent the sale of organs from living donors, it
also prevented the possibility of individuals selling the right to harvest
their organs after their death. (The sale of replenishable tissue, such as
blood, hair, and sperm, however, is allowed.) While donors cannot legally
be paid for providing organs, there is a very active market for human
organs. Organ procurement organizations, operating as local monopolies,
collect organs from voluntary donors and then provide them to hospitals
that provide transplants. While the National Organ Transplant Act prohibits
payments to patients, it allows organ procurement agencies to receive a
fee for the removal and transportation of organs. Opponents of marketbased allocation systems argue that individual income and wealth would
determine who receives and who supplies organs. They argue that
policy-debates/human_organs.html
CONTEMPLATIONS
THE MYTH OF LOVE SCARCITY: We do not lack
love; we lack the knowledge of how to harness its
enormous supply
A flower cannot blossom without sunshine, and man cannot live without
love. Max Muller
People all around you are dying. Perhaps you are too. Fortunately, dying
isnt something we are all doing, nor is it something that we must
necessarily do. We must all perish eventually, but we dont need to spend
our lives perishing.
People, like all other living things, spend their time on Earth either dying
or growing. We cannot do both and we cannot do neither. We can make
the choice to grow or die consciously or we can allow it to be made for us.
Most people, however, do not only pass up this choice, they neglect to
think of themselves as growing or dying. They believe themselves to be
simply living, as if living is a state that is fixed, static and
unquestionable.
In this world, nothing can be static. Stability of any sort is simply an
illusion, a mirage that arises from a trick of the eye that looks at a
glimmer in time apart from its relationship to other glimmers.
In the larger picture, everything from the most solid-looking rock to the
budding chrysanthemum is either growing or dying, building or degrading,
learning or regressing, getting bigger or smaller, stronger or weaker.
What it means to live
In the rules of life, no human being is an exception. We all tend to agree
that newborn babies are growing and that the sick are dying, while
everyone else is put on a sort of plateau, a state of having completed
growth and waiting to begin death. Such a state does not exist.
This state is an illusion that allows many people to slowly rob themselves
of life without anyconscious awareness. In this state, people dont believe
that they can grow. They think growing is for children.
If they do think they can grow, they leave growth in the hands of money,
success, education and knowledge. They hear rumours that growth is a
matter of mystery or luck. If youre dealt bad cards, you wither; great
cards, then you prosper. These views not only distort the truth, they also
Perhaps you do not realize this yet, but love is also a life necessity. When
we talk about what we need to live, we list water, air, warmth and food,
but we forget about love. And who can blame us?
We forget about love like we forget about the sun. We often forget that the
sun is what allows all the other life necessities to exist. The sun is what
allows for the Earths air composition to contain the oxygen that we need
to survive. The sun is what fuels the rain cycle that provides water for all
the plants and, by extension, the animals that eat those plants. The sun is
at the top of the chain of life necessities. It is not only vital to our survival;
it is the origin of life.
Similarly, people focus on their need for approval, sex and success. They
often forget that, without love, they would not have any of those. Love is
what bonds us to one another. Love is the essential ingredient. Without it,
sex is meaningless, approval is bribery and success is short-lived.
It is only when we unite with one another that we can accomplish
anything substantial and sustainable. Without love, we would be just like
animals that have not developed the ability to experience love or human
beings who are forced to live in animalistic survival mode. We would eat
our young and kill each other over territory.
Thus, love is not only a requirement for human relationships, it defines our
livelihood. Love is not only a necessity of life; it is the origin of life.
Love deprivation
When any living organism is deprived of something that it needs to live, it
responds in one of two ways: passive submission or violent resistance.
Passive submission is how trees respond to incoming death. With each
second that a tree is deprived of sunlight or water, the brilliant gloss of its
leaves fades to make way for a flat matte. With each moment, the vibrant
greens shift imperceptibly along a gradient to brown. As the days go on,
the twigs become more brittle as the leaves start to curl and fall off. The
branches turn downward as the plant can no longer reach its feeble arms
up to receive the sun. They, too, change colour from a deep brown to a
cold ash grey. With each passing sunrise, the tree slowly wilts without
resistance or protest. Eventually, the last leaf falls and the last branch
hardens. The plant dies, silently.
There are people all around you passively submitting to their love
deficiency. As a collective, we have developed clever nouns for these
death symptoms. We call them depression, low self-image, low motivation,
sexual dysfunction and laziness. Without the love that sustains us, the
passive submitters slowly wither away.
These people are often dismissed as inheritors of faulty genetics or
improper brain chemicals. With each coming moment that they spend
without the love that they so desperately need, they lose a glimmer of
hope. They may realize, at one point, that love is what they need, but by
that time they think its too late or too difficult to get what they need.
Their passion dies, along with their last shred of hope, meekly and silently.
The other response to incoming death is violent resistance. This is the
exact response that a fish produces when a fisherman grabs her out of the
water. At first, the fish feels the hook in her mouth and begins to protest.
As the line reels in, she panics. Her movements become more jerky and
volatile. She thrashes side to side, up and down. She struggles with all her
might, trying one strategy then the next, then the next. The less oxygen
she receives, the harder she pushes. Feeling her impending doom drawing
nearer by the millisecond, the fish fights without holding back or stopping,
until her little heart burns out from a lack of oxygen. She dies quickly and
suddenly, mid-battle.
All around you are people violently resisting their deprivation of love. We
have developed clever nouns for their symptoms as well. Violent resisters
display: anxiety, anger, aggression, drug and alcohol abuse, binge eating,
This myth is also exactly why people use each other and throw one
another away. They see one another as a measly helping of love and they
want more. They line up once again, this time hoping for their one true
love, their soul mate.
The myth of love scarcity also pins people against one another as
competitors for the small game that is love. They drive themselves crazy,
pushing the boundaries of their values, fighting for their piece of the pie.
This myth threatens our survival. It turns us into illogical, starving animals
who believe that living in desperate, helpless need is our natural state.
Miles away from you and I live people who believe theres a scarcity of
food just as much as weve been made to believe that theres a scarcity of
love. They grasp for a few breadcrumbs with the same desperation that
we grasp for a few words of approval. They throw themselves at bread the
way we throw ourselves at each other, all of us desperate to satisfy our
hunger. Helpless, hungry, and blind, we die slowly while blaming it on a
scarcity of resources.
All those miles away, the scarcity of food, like our scarcity of love, is
simply an illusion. The nomad walks up and down the territory searching
for food. She lives in constant survival mode. After her first lesson in
agriculture, however, every nomad learns to plant and harvest her own
food.
Through the process of sowing and reaping, she settles and quickly learns
that there is no shortage of food after all. There is no problem with supply.
There is only a shortage of knowledge about how to harness that supply.
A lack of knowledge
To people without this vital knowledge about food, life is full of all sorts of
problems. Diseases of the mind and body infest the food-deprived beings.
They blame this deprivation on the land or the industrialized man or God.
They believe theyre lacking in resources, when really theyre lacking in
Energy Scarcity
Petroleum has been the driver of human productive capacity for more
than 100 years, helping humankind achieve great productivity... but we
may now be reaching a point where world demand will soon be surpassing
world supply. This is energy scarcity, often referred to as Peak Oil.
Oil has the highest energy leverage of any resource; it now delivers about
75 times the energy needed to extract it. Most of the technology and
products developed and produced in the 20th century were either
powered or manufactured with oil.
However, many leading oil geologists now argue that the world is quickly
reaching the point where total world consumption of oil will soon outstrip
the production rate of oil world-wide.
Today, no one seriously disputes that the production of accessible
petroleum reserves will max out sometime between now and the year
2020. The world will then face energy descentan increasingly widening
gap between oil production and demand - and energy transition - the
Re-localization of manufacturing
the
resources
that
build
and
run
them.
Construction,
sustainability
http://examples.yourdictionary.com/examples-of-scarcity.html
http://agr.mt.gov/agr/Programs/AgClassroom/LessonPlans/46/pdf/Economics_x_Ag/Scarcity.pdf
https://www.google.lk/webhp?sourceid=chromeinstant&ion=1&espv=2&ie=UTF-8#q=scarcity+definition+pdf
http://www.themindfulword.org/2014/myth-love-scarcity-knowledge/
http://www.resilientcity.org/index.cfm?id=11897
http://water.org/water-crisis/water-sanitation-facts/
http://study.com/academy/lesson/scarcity-in-economics-definition-causesexamples.html
The economic problem is a permanent problem for human societies. In the immediate future
there is neither a limitation of the needs nor a substantial increase in the resources to satisfy
needs. On the contrary, indeed, as the pessimistic scholars support the economic problem will
become more intense.
This forecast is based on three elements: 1) the continuous increase in world population, 2) the
depletion of energy sources and 3) the negative effects of the production of many products in the
natural environment e.g. contamination of rivers, etc.
But along with such bleak prospects there is the evolution of technology and the
possibility to find new energy sources that tend to dampen the intensity of the economic problem.
To people without this vital knowledge about food, life is full of all sorts of
problems. Diseases of the mind and body infest the food-deprived beings.
They blame this deprivation on the land or the industrialized man or God.
They believe theyre lacking in resources, when really theyre lacking in
knowledge. They starve while the land remains an untapped resource of
infinite abundance.
Energy Scarcity is central to the discussion of resilience because oil and
other fossil fuels both power our cities, and also figure heavily in
producing
the
resources
that
build
and
run
them.
Construction,
though theyre still not truly satisfied. The food-starved being loves with
such force that it seems super-human. The love-starved being consumes
with the same force.
Our culture has bred consumers and addicts. We eat too much, buy too
much, and want too much. We set ourselves on the fruitless mission of
filling the gaping hole within us with material things. Blindly, we consume
more and more, believing were hungry for more food, status, or money,
yet really were hungry for connection. The hole widens, bottomless to all
of our invented pleasures, and craving only the nourishment of love.
We could all come together to learn about love and help each other meet
this vital need. If only we were all taught from childhood that love is just
like the sunit is all around us, keeping us alive, and we need only to
adjust ourselves to its nature to get the harvest we wish to reap. The only
limits are of our perception, our awareness. The only risk is of being
closed off to love and living a life of failing to perceive it.