Etymology:
Meaning:
Scarcity refers to a condition in which available resources are inadequate to meet the needs of a population or system.
Origin:
The Latin word "scarus" originally referred to the physical thinness or leanness of a person or animal. Over time, its meaning extended to include the concept of lack or insufficiency. In the 14th century, the term "scarcity" emerged in English to describe a situation where goods or resources were in short supply.
Since then, the concept of scarcity has been used extensively in economic theory, referring to the limited availability of resources compared to the seemingly infinite wants and needs of individuals and societies. It plays a fundamental role in determining market prices, allocation of resources, and economic policies aimed at managing scarce resources effectively.
Etymology The word scarce is derived from the Old French word eschars meaning stin
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Etymology The word excerpt comes from the Latin word excipere which means to take
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Etymology The word scarce is derived from the Old French word eschars meaning stin
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