The Scarcity Principle is a psychological concept that implies the less there is of something, the more valuable it becomes.
Scarcity is a powerful motivating force in human decision-making and influences our behavior significantly. For instance, 'limited edition' items in a store are seen as more valuable because they are scarce, leading consumers to buy more. The principle can also be observed in time-limited offers encouraging immediate action to avoid missing out.
Without scarcity, there would be no economics - Paul Samuelson
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