Many libraries have the ongoing problem of overdue books. Different libraries have attempted to solve this issue. Whether it is to take their library cards away or to fine them a couple cents, libraries have a difficulty with books not being returned in time. Why is this so important? When a book is entered into the system, each library gets a copy of this book. If 10 people check a copy of a book and only 5/10 return in time, the other half of the copies are overdue. That makes other readers requesting and waiting for that specific book wait even longer, even perhaps over a month. Libraries do offer renewal services but that has been simplified as another complication. While some students just need more time to quickly wrap up the book, others can lose them in that 3 week grace period.
If books are lost, it costs both the library, the person who borrowed, and people requesting the book. The person who borrowed the book will have to give the money to buy a new copy of the book or buy it himself. The simple concept of supply and demand is used for this example. When a book is released and libraries are filling out the requests, even one lost book will make a difference. The supply is lower than the demands for the book, showing an example of scarcity.
Another problem with renewals, is that books turn up completely damaged or irreplaceable. This also leads to having to do more work replacing the book and more waiting time. People should be careful to not damage, lose, or not return a book. It results in many more complications than if books are returned on time and clean as when they checked it out.