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Scarcity (also called paucity) is the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. It states that society has insufficient productive resources to fulfill all human wants and needs.
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Scarcity in economics refers to a shortage of commodities for a certain period of time.

What is economics?

The investigation of limitation and its effects on the use of commodities, the supply of products and services, the progress of production, and satisfaction through time is referred to as Economics.

When there is limited resources but the demands for the products or services are high reflects the scarcity of resources. This shows that there is a shortage of goods in the market which has high demand which may result in the high price of available goods.

This scarcity of goods is for a limited period of time, once the production is high the demand will be maintained but during scarcity, the prices of demanded goods will be raised. The goods which have lower demand will have low prices.

The scarcity of resources affects the economy as it disturbs the buying pattern of customers due to high prices and the limited availability of goods.

Learn more about scarcity, here:

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