When society does not have enough resources to produce all of the things people want, it is known as scarcity.
Scarcity is mostly witnessed when the level of demand for goods is high and yet the suppliers have nothing to give society. For example, if there is a shortage of books in a shop yet students need to write and they are in dire need of the books then we say that there is a scarcity of books.
Scarcity is brought about by some things including an increased population of people who have a need for a certain good. An increase in the income of people may cause scarcity since they have the money to buy yet the good is not available.
To read more about scarcity visit:
brainly.com/question/28789081
#SPJ4
