Is Scarcity the Opposite of Abundance?

Scarcity as an economic concept “… refers to the basic fact of life that there exists only a finite amount of human and nonhuman resources which the best technical knowledge is capable of using to produce only limited maximum amounts of each economic good … .”[1] If the conditions of scarcity didn’t exist and an “infinite amount of every good could be produced or human wants fully satisfied … there would be no economic goods, i.e. goods that are relatively scarce…”[1] Scarcity is the limited availability of a commodity, which may be in demand in the market or by the commons. Scarcity also…