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October 15, 2018 

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SCARCE GOOD: A resource with an available quantity less than its desired use. Scarce resources are also called factors of production. Scarce goods are also termed economic goods. Scarce resources are used to produce scarce goods. Like the more general society-wide condition of scarcity, a given resource is scarce because it has a limited availability in combination with a greater (potentially unlimited) productive use. It's both of these that make it scarce. In other words, even though an item is quite limited it will not be a scarce resource if it has few if any uses (think pocket lint and free good).

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GRAY SKITTERY
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Today, you are likely to spend a great deal of time watching the shopping channel looking to buy either a three-hole paper punch or decorative picture frames. Be on the lookout for door-to-door salesmen.
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This isn't me! What am I?

Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
"Give the American people a good cause, and there's nothing they can't lick. "

-- John Wayne, actor

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