270. Scarcity: Why Does Less Available Feel More Valuable? (Refreshed Episode)

<p>Today’s episode is all about scarcity. This is a term you are familiar with, but I am willing to bet you aren’t using it in all the ways it can be leveraged in your life and business. The term gets thrown around a lot and people know some of how it works, but the nuance is so so so much more than you can imagine. </p> <p>This refreshed episode, which originally aired in the fall of 2018, will introduce you to the depth that this topic can have to set you up for this Friday’s episode with Mindy Weinstein, author of the book The Power of Scarcity which will absolutely blow your mind. It is so good. Within the book, she includes so much depth and nuance in a way I have never heard anyone else talk about scarcity. It’s fascinating. </p> <p>Today is a primer to expand your thoughts about scarcity in a way that will get you ready to continue your learning when that episode comes out on Friday. As you listen, reflect upon times in your own life where you have been pulled in by scarcity, and where you can incorporate it more into your business.</p> <p><strong>Show Notes:</strong></p> <ul> <li>[00:39] Today’s episode is all about scarcity. This is a term you are familiar with, but I am willing to bet you aren’t using it in all the ways it can be leveraged in your life and business.</li> <li>[02:15] In traditional economics, scarcity occurs when an item has limited availability but unlimited desire for that item. This could include natural resources like oil and water or more abstract concepts like time.</li> <li>[02:55] Studies have proven that we see things as more valuable when they are less readily available.  </li> <li>[05:55] Scarcity and value are closely tied together. Our crazy brains think less equals more…even when it is kinda weird. When something is scarce it triggers our loss aversion because we don’t want to miss out on the opportunity. </li> <li>[08:13] Scarcity can only take effect when items are truly limited. This means not everyone gets one.</li> <li>[10:49] Scarce items can take on a life of their o