Shortage occurs when demand exceeds supply at market price. Market equilibrium is restored through product replenishment. Shortages differ from scarcity, which is systemic and cannot be resolved
Bitcoin's maximum supply is capped at 21 million coins. As of December 22, 2024, 19.9 million bitcoins have been mined. New blocks are created approximately every 10 minutes
Every society must decide what, how, and to whom to produce. Scarcity forces societies to allocate land, labor, and capital resources. Opportunity cost represents the best alternative forgone when making choices
Scarcity refers to the gap between limited resources and theoretical needs. All resources with non-zero consumption costs are considered scarce. Real-world resources like time and money are inherently scarce
Story takes place in post-war Germany during food shortages in 1945. Narrator wakes up to husband eating extra rationed bread. They discover they were both alone at 2:30 AM. Story explores themes of misery and human greatness
Shortage occurs when demand exceeds supply in a market. Price ceilings, government bans, and supplier decisions can cause shortages. Shortages can be beneficial for some but hinder others