Define scarcity.

Scarcity is the fundamental economic problem of having seemingly unlimited human wants and needs in a world of limited resources. It refers to the condition of having insufficient resources to fulfill all the wants and needs of individuals and society. This scarcity forces individuals and societies to make choices about how to allocate resources efficiently.

Scarcity is a fundamental economic concept that refers to the limited availability of resources relative to the demand for them. It arises because human wants are unlimited, while resources are finite. This means that individuals, societies, and economies must make choices about how to allocate their scarce resources among competing wants and needs.