Scarce Resource

A Scarce Resource is a resource that is not a plentiful resource and is characterized by limited availability relative to demand.

• AKA: Limited Resource, Constrained Resource, Finite Resource.
• Context:
  • It can typically trigger Resource Competition through supply-demand imbalance.
  • It can typically require Resource Allocation Mechanisms through prioritization frameworks.
  • It can typically drive Economic Value Creation through scarcity-based pricing.
  • It can typically necessitate Resource Conservation Strategy through usage optimization.
  • It can typically influence Market Behavior through scarcity-driven incentives.
  • ...
  • It can often lead to Resource Conflict through access restriction.
  • It can often prompt Innovation Process through constraint-driven creativity.
  • It can often create Social Inequality through unequal resource distribution.
  • It can often inspire Alternative Solution through resource substitution.
  • It can often stimulate Market Development through emerging scarcity response.
  • ...
  • It can range from being a Temporary Scarce Resource to being a Permanent Scarce Resource, depending on its replenishment capability.
  • It can range from being a Naturally Scarce Resource to being an Artificially Scarce Resource, depending on its scarcity origin.
  • It can range from being a Locally Scarce Resource to being a Globally Scarce Resource, depending on its geographic distribution.
  • It can range from being a Valuable Scarce Resource to being a Non-Valuable Scarce Resource, depending on its utility level.
  • It can range from being a Critical Scarce Resource to being a Non-Critical Scarce Resource, depending on its necessity status.
  • ...
  • It can have Scarcity Degree for resource availability measurement.
  • It can participate in Resource Exchange System for value determination.
  • It can be subject to Resource Management Policy for sustainable utilization.
  • It can contribute to Economic Development for productive capacity enhancement.
  • It can be affected by Technological Advancement for resource efficiency improvement.
  • ...
  • It can be Politically Contested during resource allocation conflict.
  • It can be Economically Valued in market exchange.
  • It can be Socially Stratified through access privilege.
  • It can be Environmentally Protected under conservation policy.
  • ...
• Examples:
  • Natural Scarce Resources, such as:
    • Mineral Resources, such as:
      • Gold for jewelry production, electronic component manufacturing, and monetary reserve.
      • Rare Earth Metals for high-tech manufacturing, renewable energy technology, and defense applications.
      • Uranium for nuclear energy production and medical isotope creation.
    • Energy Resources, such as:
      • Petroleum for transportation fuel, plastic production, and chemical manufacturing.
      • Natural Gas for heating, electricity generation, and industrial processes.
    • Biological Resources, such as:
      • Endangered Species for biodiversity maintenance and ecosystem stability.
      • Tropical Hardwood for luxury furniture, construction, and artisanal crafts.
  • Human-Created Scarce Resources, such as:
    • Intellectual Resources, such as:
      • Patent-Protected Innovation for technological advancement and competitive advantage.
      • Specialized Expertise for complex problem-solving and knowledge-intensive industry.
    • Temporal Resources, such as:
      • Executive Attention for strategic decision-making and organizational leadership.
      • Prime Broadcasting Time for mass communication and advertising delivery.
  • Artificially Scarce Resources, such as:
    • Limited Edition Products for exclusivity marketing and collector appeal.
    • Digital Content for monetization strategy and intellectual property protection.
  • Socially Constructed Scarce Resources, such as:
    • Positional Goods for status signaling and social differentiation.
    • Prestigious Credentials for professional advancement and social mobility.
  • ...
• Counter-Examples:
  • Abundant Resources, which exist in quantities exceeding demand, such as breathable air (in most locations), solar energy, and ocean water.
  • Renewable Resources, which replenish naturally at rates comparable to consumption rates, such as sustainable forests, wind energy, and solar power.
  • Unlimited Digital Goods, which can be copied infinitely without degradation or depletion, such as digital information and software code.
  • Post-Scarcity Resources, which have overcome previous scarcity constraints through technological breakthroughs, such as information access via internet technology.
  • Common-Pool Resources, which are managed collectively to overcome artificial scarcity, such as community-managed irrigation systems and open-source knowledge bases.
• See: Economic Decision, Fair Allocation Task, Want, Trade-Off, Scarcity (Social Psychology), Post-Scarcity Economy, Resource Depletion, Sustainable Resource Management, Market Economics, Supply and Demand Dynamic, Malthusian Theory, Abundance Mindset.

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References

2014

• (Wikipedia, 2014) ⇒ http://en.wikipedia.org/wiki/scarcity Retrieved:2014-2-9.
  • Scarcity is the fundamental economic problem of having seemingly unlimited human wants and needs in a world of limited resources. It states that society has insufficient productive resources to fulfill all human wants and needs. Additionally, scarcity implies that not all of society's goals can be pursued at the same time; trade-offs are made of one good against others. In an influential 1932 essay, Lionel Robbins defined economics as "the science which studies human behavior as a relationship between ends and scarce means which have alternative uses."

    In biology, scarcity can refer to the uncommonness or rarity of certain species. Such species are often protected by local, national or international law in order to prevent extinction.

2010

• (Mehta, 2010) ⇒ Lyla Mehta, editor. (2010). “The Limits to Scarcity: Contesting the Politics of Allocation." Routledge.
  • QUOTE: Scarcity is considered a ubiquitous feature of the human condition. It underpins much of modern economics and is widely used as an explanation for social organisation, social conflict and the resource crunch confronting humanity's survival on the planet. It is made out to be an all-pervasive fact of our lives - be it of housing, food, water or oil. But has the conception of scarcity been politicized, naturalized, and universalized in academic and policy debates? Has overhasty recourse to scarcity evoked a standard set of market, institutional and technological solutions which have blocked out political contestations, overlooking access as a legitimate focus for academic debates as well as policies and interventions? ...

    ... Through this examination the authors demonstrate that scarcity is not a natural condition: the problem lies in how we see scarcity and the ways in which it is socially generated.

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