Scarcity

Definition

Scarcity refers to the limited availability of resources in relation to unlimited wants and needs. It means that there are not enough resources to satisfy all human desires.

Related terms

Choice: The act of selecting or making a decision between alternatives.

Demand: The quantity of goods or services that consumers are willing and able to buy at a given price.

Supply: The quantity of goods or services that producers are willing and able to offer for sale at a given price.