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common way that societies allocate scarce goods in non-emergency
One is not used to thinking of one's own body in terms of a scarce good, but in imagining the most ideal situation one could ever hope for, the Garden of Eden, it becomes possible to realize that one's body is indeed the prototype of a scarce good for the use of which property rights, i.
Economic value can be defined as man's specific attitude to the scarce goods which have got into the field of his economic activity.
CARACAS, Rajab 26, 1436, May 15, 2015, SPA -- A major pharmacy chain has started fingerprinting customers in Caracas, as Venezuela's socialist government tries to halt smugglers and resellers from stocking up on scarce goods from toilet paper to medicines, Reuters reported.
Although Sandel is fuzzy on the specifics, he wants an enlightened debate to determine whether other people should be allowed to use prices when they cooperate or allocate scarce goods.
Most fundamentally, for many crucial but increasingly scarce goods, there is no potentially satisfactory substitute.
When the government began to ration scarce goods, things looked bright for criminals who earned their keep in the black market.
We are motivated to acquire scarce goods and resources that bolster a sense of well-being.
Mr Gono said with bigger bills businesses might be tempted to again raise prices of scarce goods.
The role of companies is to create value by using scarce goods in an effective and efficient manner to produce goods and services.
After stating that economics is the study of the utilization of scarce resources, Sowell immediately turns to a discussion of how prices in a free market economy provide signals to both suppliers and consumers of scarce goods and services.
Several of these resources have a finite supply and even those that are renewable cannot function with an unlimited amount of disturbance, so they are all scarce goods.