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Scarcity not shortage Scarcity is based on the premise that there really are a limited number of goods or services. On the contrary, a shortage is backed by th
by jjawssd 10y ago
Scarcity not shortage
Scarcity is based on the premise that there really are a limited number of goods or services. On the contrary, a shortage is backed by the seller's decision to withhold the sale of certain products at their current price tag. Shortages can be solved by raising prices.
- discodave 10y agoI've never heard of that distinction before. What about the phrase 'there were food shortages during the war'?
- jjawssd 10y agoIn World War II, the government combined rationing with price controls — limits on what people could charge for various goods — in hopes of keeping the cost of living reasonable. This poster urged people not to undermine price controls by paying premiums for black-market goods outside the rationing system. src: http://www.learnnc.org/lp/editions/ww2-rationing/5922 http://www.learnnc.org/lp/editions/ww2-rationing/5922