Is there any other meaning of the word "scarcity"?

Question

Like in economics, or smth? Becide "dearth"?
Because otherwise i don't understand these sentenses:

- Scarcity of coin has led to the imbalance between the values of gold, silver and other metals.

and

- The exchange premium comes from the relative scarcity of people to exchange fiat paper for gold or silver.

I'm trying to translate this into my language but can't see any sence. I feel that there's some other meaning.

Answer 1

I think the word scarcity means what we commonly mean by the word now, but it is applied to a situation that is hard for us to imagine. We live in an age where financial markets work well and we have paper (Fiat ) money, credit cards, debit cards etc, so their never a time the we encounter the inability to carry on commerce because of the lack of "coin". This has not always been the case, and at times and places where assets could not be converted into money because there was not enough currency in circulation to handle all the transaction. When money consisted of gold and silver coins, banks would also issue bank notes to supplement the currency and usually silver was more abundant than gold. People did not trust bank notes because banks often failed, and to exchange silver for gold required a premium above the values designated by the mint. When a economy runs on a gold standard only gold has reliable value.

Answer 2

Scarcity can be defined as the paucity of resources. It can be also defined unavailable or shortage of resources.

As we know economics is the science which studies the relations between ends and scarce means which have alternative uses.

The wants are unlimited, but the resources to fulfill these wants are very limited and we have to choose the right appropriate wants which has to be satisfied first and the next and so on.

If we look at the gold and silver, it is also very limited and cost of producing these resources leads to price spiral.

Well to put in short, when supply decreases, it is scarcity, or when demand is excess of supply it is scarcity

Answer 3

Perhaps you could replace the word "scarce" with "limited".

Every economics textbook seems to have a definition of economics right in the first chapter. And all the definitions seem to have something to do with scarcity. Here are some real examples:

Economics is the study of choices consumers, business managers, and government offical make to attain their goals, given their scarce resources.
Economics is the study of how people make choices under conditions of scarcity and the results of those choices for society.

Economics is the study of how society manages its scarce resources

Answer 4

Scarcity is like "Not enough of something."

Think like if you had all of your relative sitting down for supper and you had not enough food for everybody to be full.

When they talk about scarce resources they generally mean that decisions have to be made about who gets them, and who does not get them.

I think in those two sentences they are talking about people holding onto their hard value currency like Bullion instead of selling it for unstable dollars that are only based on promises.

Answer 5

Scare City. When you become fearful of your environment due to the inability to exchange flat paper for gold or silver.

Answer 6

Dear i do have options which is definitely going to help you:-

1. insufficiency
2. rarity
3. lack of.....
4. infrequency
5. shortness,scantiness,smallness,fewness
6. dearth
7. shortage
8. want
9. paucity
10.shortage
11. not enough

Answer 7

scarcity is same with lack of or lost of

Answer 8

To put it simply;

Scarcity=rarity.

Answer 9

Try different synonyms, such as "paucity", "having to little of", etc. In both examples, it means "too few" (in number).

Answer 10

Here are a few of them

Scarcity
Shortage
Lack
Dearth
Insufficiency
Paucity
Scarceness
Not enough