What is scarcity? How are the three basic economic questions related to the problem of limited supply?

What Is Scarcity?

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. Any resource that has a non-zero cost to consume is scarce to some degree, but what matters in practice is relative scarcity. Scarcity is also referred to as "paucity."

KEY TAKEAWAYS

Scarcity is when the means to fulfill ends are limited and costly.

Scarcity is the foundation of the essential problem of economics: the allocation of limited means to fulfill unlimited wants and needs.

Even free natural resources can become scarce if costs arise in obtaining or consuming them, or if consumer demand for previously unwanted resources increases due to changing preferences or newly discovered

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