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scarcity
by 趙永祥 2015-06-24 06:35:27, Reply(0), Views(507)



 
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Term of the Day

Date: Tuesday, June 23, 2015

scarcity

Ever-present situation in all markets whereby either less goods are available than the demand for them, or only too little money is available to their potential buyers for making the purchase. This universal phenomenon leads to the definition of economics as the "science of allocation of scarce resources." 
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Usage Example
There was a scarcity in the amount of food that was available due to robbers that kept stealing food at night even though guards were posted up.