If you took the same Introduction to Economics class that I struggled through in college, you might remember this key lesson:
The law of supply and demand states that a low supply and high demand for a product will typically increase its price.
Why am I telling you about basic economic rules? Because changes in the supply and demand of products can result in the scarcity principle coming into play. In this post, we’ll learn what the scarcity principle is and how you can use it to create high demand.