Abundance and Scarcity

I'm not expecting to grow flowers in the desert
But I can live and breathe
And see the sun in winter time
--Big Country

Two quick lessons in economics from Prof Bylund. Abundance is a condition where a good is in plentiful enough supply where it has no price. Oxygen in the air is an abundant good.

In #economics, "abundant" means a good is so plentiful it has no price. Leftists seem to think it means "having more than I think you need."

— Per Bylund (@PerBylund) November 19, 2017

Abundance does not mean that abundant goods can be taken from owners because it is deemed that they have more than they need.

Scarcity is a condition where a good is in short enough supply where it commands a price (i.e., something must be given up, or traded, to acquire it).

In #economics scarcity means some kind of tradeoff is necessary w.r.t. that good. It doesn't mean "few" or "rare"; it means it has a price.

— Per Bylund (@PerBylund) November 20, 2017

Scarcity does not mean that it is rare or nearly impossible to obtain.