Scarcity is the quantitative insufficiency of a good in comparison with its needs. . The scarcity of goods is a basic economic problem and makes economic action necessary for people to ensure the best possible supply of goods. The scarcer a good is, the higher its price. According to economic science, material resources are limited and the ability to produce them is limited, while human needs and wants are unlimited. Scarcity, therefore, is the interrelation between these needs and the resources available. For example, a situation of scarcity can be caused by a lack of basic resources, such as water, food, energy or housing, which are necessary to meet the basic needs of people for survival.
2-Chase Strickland
All of society’s resources are finite. Scarcity means we don’t have enough goods for everyone. Economics is the study of how we use these limited resources for our own pure, moral, and just wants. If resources were infinite, people would be able to have everything they’d desire. Money would be useless and therefore nobody would want to work. One example of scarcity that I remember was the toilet paper shortage a few years ago. Covid was new, lockdowns were being proposed, and people thought it was the end times. The demand for toilet paper didn’t meet the supply, thus, toilet paper was scarce. Another example is sand. Sand is needed to make glass and concrete. As sand becomes scarce, the demand grows. Sand thieves mine sand illegally on beaches, making beaches scarce as well. scarcity begets scarcity.