Can scarcity and surplus coexist together?

Yes. Scarcity refers to the fact that there is a fixed supply of everything. We do not have unlimited sofas, couches, water, energy, etc. As a result, these things have prices. If nothing were scarce, then nothing would have a price. This is obviously not the case. read more

Scarcity refers to the fact that there is a fixed supply of everything. We do not have unlimited sofas, couches, water, energy, etc. As a result, these things have prices. read more

Oil, gas, coal, gold, silver, diamonds, lead, uranium and a gaggle of rare minerals together account for a minority of the world's extractive industry by volume. (See also, A Beginner's Guide To Mining Stocks.) According to the UN, 40 billion tons per year is a conservative estimate of the world's sand and gravel consumption. read more

Surplus and scarcity are opposite sides of the same coin, at least in the economics that I learned in college in the 70s. Scarcity drives the price up surplus drives the price down. It is really the same concept. read more