Scarcity as an economic concept "refers to the basic fact of life that there is only a finite amount of human and non-human resources that can only be produced in limited maximum quantities of any economic good with the best of technical knowledge."
If there were no conditions of scarcity and an "infinite quantity of every good could be produced or human needs fully satisfied ... there would be no economic goods, i.e. goods that are relatively scarce ...".
Scarcity is the limited availability of a good that can be demanded in the market or by the general public.
Scarcity also means that individuals do not have the means to buy goods.
The opposite of scarcity is abundance.
Scarcity plays a key role in economic theory and is essential for a "proper definition of the economy itself."
"Perhaps the best example is Walras' definition of social wealth, i.e., economic goods.
By social wealth," says Walras, "I mean all things, whether tangible or intangible (which is irrelevant in this context), that are scarce, that is, that are useful to us on the one hand and available in limited quantity on the other." - Montani G. (1987)
British economist Lionel Robbins is famous for his definition of economics using the concept of scarcity:
"Economics is the science that studies human behavior as the relationship between goals and scarce resources for which there are alternative uses."
In economic theory, absolute and relative scarcity are considered distinct concepts, and it is "quickly emphasized that it is relative scarcity that defines the economy."
Much of current economic theory is based on the concept of relative scarcity, which states that goods are scarce because there are not enough resources to produce all the goods people want to consume.
Steam Token is a NFT and DeFi community project with multiple tokens based on HPB and designed for scarcity.
There are only 1000 STEAM tokens.
In addition, there is 420, an even rarer token associated with STEAM tokens and HPB, creating a multi-token ecosystem based on scarcity.
STEAM is available on HPDex.org.