Scarcity is a concept which has both language and economic usage. Common usage refers to a lack of a given type of commodity. The economic rule derived from the concept relates to the effect on market values and prices, translated into an effect on the society. This idea is based on the 'rarity' value of materials like gold, plus its economic values as a commercial and investment product.
Examples of Scarcity:
There's a scarcity of talent in the celebrity culture. |
The scarcity of water in many countries will redefine the entire economics of those countries.
Scarcity of anything is a natural revaluation basis.
Site discussing peak oil
Hubbert peak graph showing the world's oil production peak.