every body has different needs and wants .all the wants are fulfilling by the different resources. Are ever think that a day will be come when we will have a willing ness and ability also but we wont get that because of the unavailability of sufficient resources.
Its happening due to the "scarcity",which mean the human needs and wants are unlimited but resources are limited to full fill it. There is nothing in world which can satisfy a particular wants for a unlimited time period. The whole economics depends upon the scarcity ,because if a good is more scarce then the demad of the product is more the automaticaly the price is more. If any thing which is easily available so what ever the demand may be it will fulfill so price of that is less.
Example: water is a basic need of human being but its a unlimited resource so its price is less as compared to any scarce good like diamond,gold, silver which are not the bsic needs of human beings but due to the scrcity these have the high price.
Scarcity have 3 distinctive catagories.
1. Demand -induced scarcity ; population and demand increase but supply remains same.
2. Suppy -induced scarcity; supply is very low as compare to demands.
3. Structural scarcity ;declieng stage of a resource.
The scarcity heuristic is a mental shortcut that places a value on an item based on how easily it might be lost, especially to competitors. The scarcity heuristic stems from the idea that the more difficult it is to acquire an item the more value that item has. In many situations we use an item’s availability, its perceived abundance, to quickly estimate quality and/or utility,which is a gongnitive bias also.
So we should have to behave like a rational person so that we cn manage our needs and wants for a longer period with the limited resources.
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