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July 18, 2025 

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SCARCITY: A pervasive condition of human existence that exists because society has unlimited wants and needs, but limited resources used for their satisfaction. In other words, while we all want a bunch of stuff, we can't have everything that we want. In slightly different words, this scarcity problem means: (1) that there's never enough resources to produce everything that everyone would like produced; (2) that some people will have to do without some of the stuff that they want or need; (3) that doing one thing, producing one good, performing one activity, forces society to give up something else; and (4) that the same resources can not be used to produce two different goods at the same time. We live in a big, bad world of scarcity. This big, bad world of scarcity is what the study of economics is all about. That's why we usually subtitle scarcity: THE ECONOMIC PROBLEM.

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MONOPSONY, FACTOR MARKET ANALYSIS: The analysis of a factor market characterized by monopsony indicates that the single buyer maximizes profit by equating marginal revenue product to marginal factor cost. This results in a lower price and smaller quantity than achieved with perfect competition. As such, it does not achieve an efficient allocation of resources. Monopsony is combined with monopoly to form a bilateral monopoly market structure.

     See also | factor market analysis | perfect competition, factor market analysis | monopoly, factor market analysis | bilateral monopoly, factor market analysis |


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MONOPSONY, FACTOR MARKET ANALYSIS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 18, 2025].


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SCARCITY

A pervasive condition of human existence that results because society has unlimited wants and needs, but limited resources used for their satisfaction. This fundamental condition is the common thread that binds all of the topics studied in economics.

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