Scarcity is the mother of economics.discuss

Scarcity is how common or rare a specific resource or service is. This is one of the largest driving points in price and availability.

Products and services that are scarce, yet in high demand will fetch a high price. In contrast, a scarce product or service that has low demand will fetch a low price.As scarcity and demand increase, price goes up. As scarcity and demand decrease, price goes down.

To conclude, scarcity is  one of the most influential variables in economics.

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