Scarcity

Economic problem of limited resources.

Scarcity refers to a fundamental economic problem in which resources are limited, while human wants and needs are unlimited.

/ˈskeərɪti/

From Old French escarcite, from Latin scāritās, from scārēre (to be scarce).

Scarcity means we don't have enough of everything everyone wants, so we need to make choices about how to use what we do have.

What is scarcity? It's when there isn't enough of something to satisfy everyone's wants and needs
Why does scarcity exist? Resources like land, labor, and capital are limited
How do we deal with scarcity? We make choices about how to allocate resources

shortage deficiency paucity

abundance surplus

economic problem resource allocation

shortage rationing

economics market economy

economic concept