Scarcity is fewer resources than are needed to fill human wants and needs. These resources can be resources that come from the land, labor resources or capital resources. Scarcity is considered a basic economic problem.
Scarcity dictates that economic decisions must be made regularly in order to manage the availability of resources to meet human needs.
Some examples of scarcity include:
All of these are examples of scarcity because there was not a sufficient amount of the resource to go around.