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scarcity

/ˈskɛːsɪti/

noun
- 1. the state of being scarce or in short supply; shortage: "a time of scarcity" Similar shortagedearthlackwantundersupplyinsufficiencypaucityscarcenessscantnessmeagrenesssparsenessscantinesspovertydeficiencyinadequacylimitednessunavailabilityabsencerare:exiguityexiguousnessrarityrarenessinfrequencysparsenessuncommonnessunusualnessOpposite abundanceexcesssurpluscommonness
Scrabble Points: 15
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define scarcity in economics
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Scarcity
Fundamental problem of economics where there are limited resources to fulfill society's unlimited wants
In economics, scarcity "refers to the basic fact of life that there exists only a finite amount of human and nonhuman resources which the best technical knowledge is capable of using to produce only limited maximum amounts of each economic good." If the conditions of scarcity did not exist and an "infinite amount of every good could be produced or human wants fully satisfied ... there would be no ... Wikipedia
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