Economists believe that scarcity is

Scarcity refers to the basic economic problem, the gap between limited  that is, scarce  resources and theoretically limitless wants. This situation requires people to make decisions about how to allocate resources efficiently, in order to satisfy basic needs and as many additional wants as possible.

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Economists conduct research, collect and analyze data, monitor economic trends, and develop forecasts on a wide variety of issues, including energy costs, inflation, interest rates, exchange rates, business cycles, taxes, and employment levels, among others. Therefore, they would believe that scarcity is how societies use scarce resources to produce valuable commodities and distribute them among different people (refers to the basic economic problem; the gap between limited sources).

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