Imagine you and your friends want to play with the same toy, only one of you can have it at a time. That’s like scarcity! Some things are hard to find because not enough people can use them at once, or they take too long to make. When something is scarce, everyone wants it but there's not enough for all of them.
Examples
- A toy that only one kid can play with at a time
- Diamonds, there aren’t many of them, but lots of people want them
- Time, you can't be in two places at once
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See also
- Why Are Some Things Always More Expensive?
- Why Do Prices Go Up When Everyone Wants the Same Thing?
- Why Are Some Things Incredibly Expensive — And Others Practically Free?
- Why Do Prices Go Up When There's Less of Something?
- What happens when supply goes up?