Scarcity is how common or rare a specific resource or service is. This is one of the largest driving points in price and availability.
Products and services that are scarce, yet in high demand will fetch a high price. In contrast, a scarce product or service that has low demand will fetch a low price.As scarcity and demand increase, price goes up. As scarcity and demand decrease, price goes down.
To conclude, scarcity is one of the most influential variables in economics.
