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SCARCE: The general condition indicating that a good or resource is limited relative to the what people want. In terms of ALL resources and goods throughout society, the related term scarcity is used. Being scarce is what makes it possible to exchange goods and resources through markets, and most importantly, charge a price. If a good is not scarce, which means that the economy has more than enough to satisfy all available uses, then there is no way to sell it. Who would buy such an item, pay a price for it, give up something of value in exchange for it, when it is so abundant? Likewise, if a item is so abundant, using it to satisfy one use does not impose an opportunity cost on other uses.
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COMPETITION In general, the actions of two or more rivals in pursuit of the same objective. In an economic context, the specific objective pursued is usually either selling goods to buyers or buying goods from sellers.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"Man is born to live, not to prepare for life. " -- Boris Pasternak, writer
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BPEA
Brookings Papers on Economic Activity
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