The Economics of Scarcity

[Out of mind]

The phenomenon of scarcity has its advantages though. It pushes people and societies to create, to trade, & to evolve. It drives innovation, competition, creativity, but unfortunately, even inequality. It is why we argue about minimum wage, housing, fuel prices, etc,. It makes sure that contentment is rare. Say, if everyone in the world earned $500k a month, do you think everyone would be satisfied? I think not. Someone out there, some people, would still complain about it and say it's not enough. Because, it really isn't enough for their lifestyle and other stuffs.

So, scarcity isn't something that can be prevented on a national level & even for everyone. Resources will always be less than our need. But, what do think is the best way us as individuals can best work on the issues of scarcity ?

The surprising thing is very scary, especially for nations that live in poverty. Basically, a state lives in poverty because its economic situation is not good, which can lead to poverty. If we have to eliminate poverty in a society, then we must first meet our basic needs, especially food, housing, education and health. Moreover, it is possible to eliminate poverty through our own skills and education, proper use of income and expenditure, reducing unnecessary expenses and increasing savings. It is not enough to just save money, we have to invest properly, such as business, education, stocks, crypto or real estate, all of these will make it possible to free a nation from poverty. Moreover, if we want to eliminate our poverty, we must retain wealth and adopt some good strategies for the future, rather we can eliminate our poverty through creativity.

[Zackz5000]

Humans are greedy that's why we are never satisfied with what ever we have, the wealthiest man on Earth is still unsatisfied with everything in his owns.

The economy is also changing the price of things humans wants and need it's never at the same price as days goes or decreases in price instead the price keep going up that's why you see human striving so hard to get more and not be stagnant in life. As we grow up we keep facing alot of responsibility, but with the amount of money mentioned by OP if i can be earning $500k every months i will definitely be over satisfied with such amount it is out of greed that makes most human not to get satisfied at times.

[lizarder]

Humans are greedy that's why we are never satisfied with what ever we have, the wealthiest man on Earth is still unsatisfied with everything in his owns.

The economy is also changing the price of things humans wants and need it's never at the same price as days goes or decreases in price instead the price keep going up that's why you see human striving so hard to get more and not be stagnant in life. As we grow up we keep facing alot of responsibility, but with the amount of money mentioned by OP if i can be earning $500k every months i will definitely be over satisfied with such amount it is out of greed that makes most human not to get satisfied at times.

That's true because most humans are never satisfied with what they get and vice versa they will pursue other things that are bigger in order to satisfy their lust. When they have one car, then they will think of getting two cars and so on. That's the human life on this earth because no one is satisfied with the previous achievements they got. That is a market law because the price of goods will definitely change either caused by inflation or recession or other activities that can encourage one item to rise in the market.

The amount of income you mentioned might be comfortable when living in my country because it is included in the category of minimum wages and even slightly larger than usual. But human nature may never be limited and they will continue to pursue more for the hope to achieve a much better life or in other words pursue wealth in any way.

[Solodoski]

The resources for human will always be scare, so the best way to survive is to make do with the available resources. How is this possible,  you need to concentrate on you needs rather than your want. Most times your needs are the basics things of life, while ways are mainly luxury.
This whole discussion centers on how you manage the limited resources to accomplish your needs, and we also have to realize that needs cokes before want.

[slapper]

Scarcity economics explains reality and, at the same time, it generates that reality. So if we have as our deepest belief that "resources are limited," we create systems that make that belief true. Planned obsolescence, patent monopoly, artificial supply restrictions. We're not managing scarcity. We are producing it to make money

You are correct that human desire is the actual infinite variable. But it's not really about wanting more. It's about wanting different. The anthropological documentation indicates that hunter-gatherers were working 15-hour weekends and that they were highly satisfied with their life. They didn't lack ambition. They had no comparison mechanisms. No Instagram, no Forbes list, no Tesla in the driveway belonging to the neighbor

Individual strategy? Audit what you are truely lacking. Majority are time-starved and attention-starved as they pursue money as a way of buying both time and concentration. Optimal individual reaction to systemic scarcity is not more adequate resource distribution. It is questioning which resources actually matter to your specific existence. Satisfaction is not hard as there are limited resources. This is uncommon as the markets prescribe our desires on our behalf

[Oluwa-btc]

Scarcity is normal and natural;it shows that human wants are unlimited,but resources are limited.Scarcity is unavoidable, because it's what pushes us to create other alternatives,improvise and launch better choices.That’s why economists would always say scarcity is the foundation of economics,it’s always there,shaping choices and managing resources.

[junder]

The resources for human will always be scare, so the best way to survive is to make do with the available resources. How is this possible,  you need to concentrate on you needs rather than your want. Most times your needs are the basics things of life, while ways are mainly luxury.
This whole discussion centers on how you manage the limited resources to accomplish your needs, and we also have to realize that needs cokes before want.

The most common problem faced by most people is desire. They will often pursue it, even if it's forced. For example, their limited income, which is only enough to cover basic needs, still forces them to pursue it, sometimes even reducing their needs.
I agree that needs are greater than wants, so everyone should prioritize their needs over their wants.