The world needs no regulation...what?
Minimum wage
Companies respond to increases in minimum wage - hire less.
Rarity and Scarcity
Rarity is something we don't have a lot of (absolute concept)
Scarcity is something that is not enough to go around (relative concept)
Rare but not scarce or scarce but not rare.
Surplus and Scarcity
In a surplus, Qs > Qd. Scarcity means there are tradeoffs to get things. Surpluses describe how much supply and demand there is at a particular price.
Making things illegal:
1. Producers keep making the goods. You make a lot more when its illegal - inelastic.
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