Scarcity - give a baby one biscuit and he will treasure it; give a baby many biscuits and he will play with them.
----------
Subscribe to?Economics In A Nutshell?if you enjoy reading articles like this!
----------
Give a baby one biscuit, and he will treasure it and chew on it carefully.
Give a baby many biscuits, and he will play with them and most of the biscuits will end up on the floor.
When resources are limited, individuals are forced to make choices and prioritise their needs and wants. When there's only one biscuit, baby prioritises eating the biscuit. When there are many biscuits, TIME TO PLAY THE BISCUIT GAME!
领英推荐
On a more serious note...
Scarcity is an inherent condition where the availability of resources is insufficient to fulfil the endless desires and needs of individuals and society. Resources, including natural resources, labor, capital, and time, are limited, while our aspirations and demands are boundless. This fundamental mismatch necessitates making choices and prioritising our utilisation of resources.
When resources are scarce, individuals tend to be more careful and efficient in their use to ensure their needs are met. On the other hand, when resources are abundant or perceived to be so, there is a higher likelihood of wastefulness or disregard for their value.
It's World Environment Day! Are you doing your part?
Preserving the environment is crucial in the face of scarcity. Natural resources, such as clean air, water, and biodiversity, are limited and need to be conserved for the well-being of current and future generations. Unsustainable practices can deplete resources, disrupt ecosystems, and exacerbate scarcity. By embracing sustainable practices, such as reducing waste, conserving energy, and promoting renewable resources, we can mitigate the impact of scarcity on the environment. Together, let's forge a path towards a greener future for all living beings on Earth!
On my part, I'll keep on nagging at baby until he learns not to waste food. And in the meantime, mummy and daddy will are just going to keep on eating all the food that's been thrown onto the floor so that it doesn't go to waste.
Advisory & Consulting | Strategy & Policy | People & Culture | | | Connecting Opportunities, Building Businesses, Transforming Lives, Impacting Livelihoods
1 年Indeed Pei Ying CHUA! People are probably going to be more conscious of their consumption patterns, prioritize their most basic needs, and figure out how to get the most out of their limited resources. However, human behaviour varies greatly based on a variety of social, cultural, and economic factors. It is also important to keep in mind that perceptions of resource abundance can affect behaviour just as much as real resource availability. People's attitudes and beliefs about abundance and scarcity might also shape their behaviour. Therefore, it is crucial to distinguish between objective resource scarcity and subjective perceptions of scarcity or abundance. And of course, there's room for resource innovation and technological advancements that can alleviate scarcity as well. Just my two cents.