Mindy Weinstein

Thank you for having me.

To put it simply, scarcity is some type of unavailability.

And when you think about it, it's just a restriction of some type.

And there can be a lot of different causes of that restriction, but it is something that is unavailable, or it could even just be something that's hard to get.

They absolutely do.

And I'm just going to tell you a little bit more and expand on scarcity.

So, I mean, I gave you the simple definition because that's truly what it is.

But there are really four different types of scarcity.

And what's so interesting about it is that each one tends to have a different effect on us.

And so I'll just go through them, if you don't mind, just telling you a bit about them.

Sure.

But we have demand-related scarcity, and that is popularity.

So something that's popular, it's harder to get because of that.

That's where we get the best sellers or the wait lists, or you're trying to get into that new restaurant that everyone else is going to, but it's very difficult.

That's demand-related scarcity.

But then there's supply-related scarcity.

And that could be intentional.

So a lot of big brands will do drops where it's very limited and they're restricting the supply.

Or it could be because of some type of supply shortage.

I know that the PlayStation 5 is something that's a supply-related scarce item.