In economics, what is the law of scarcity?

Economics – The Law of Scarcity. The Merchant Guild of Koguryo has had a long tradition of studying and monitoring the Economic situation of the three kingdoms and their respecting provinces, in order to improve trade and create a system more profitable to all. read more

The law of scarcity simply notes that economic resources — land, labor, capital, and talent — are limited, not infinite. This assumption is easily verifiable by noting that if resources were infinite, everything should be free; as it is not, scarcity must exist. read more

The Law of Scarcity February 3, 2011 by Admin Leave a Comment Anyone with an understanding of economics will instinctively have a good grasp of what this law is all about. read more