Explain how there can be scarcity in a land of abundance

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pohnpei397 | College Teacher | (Level 3) Distinguished Educator

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There can be scarcity in a land of abundance because scarcity exists in all places at all times.  We can never have everything we want and we can never have the time to do everything we want.  We have unlimited wants and limited resources.

Even in a land of abundance, we cannot all have everything.  Even a person who is well-off has to decide which place to go on vacation or which kind of car to have.  Very few people can have all the cars they want or go on all the vacations they want.  This is a form of scarcity.

Even someone who has, practically speaking, unlimited money experiences scarcity.  Bill Gates cannot buy the Grand Canyon or Mt. Rainier.  Those things are not available to him.  In addition, Bill Gates has to choose what to do with his time.  He, too, has a limited time on Earth and many things that he wants to do in that time.  These are also examples of scarcity.

Scarcity exists for everyone.  It exists whenever people's wants are greater than their resources.


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