scarcity

is one of the four essential characteristics that must be present for any product to have value. Products that are in abundance have little or no value. There must be an element of scarcity which means that there is a perception that there is a limitation on the supply of the item.

The four essential characteristics or elements of value are: Demand, Utility, Scarcity, and Transferability – a useful tool to remember them is the acronym DUST.

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