- The basic economic problem that arises because people have unlimited wants but resources are limited. Because of scarcity, various economic decisions must be made to allocate resources efficiently.
When we talk of scarcity within an economic context, it refers to limited resources, not a lack of riches. These resources are the inputs of production: land, labor and capital.
People must make choices between different items because the resources necessary to fulfill their wants are limited. These decisions are made by giving up (trading off) one want to satisfy another.
Investment dictionary. Academic. 2012.
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Scarcity — (also called paucity) is the problem of infinite human needs and wants, in a world of finite resources. In other words, society does not have sufficient productive resources to fulfill those wants and needs. Alternatively, scarcity implies that… … Wikipedia
scarcity — index dearth, deficiency, deficit, delinquency (shortage), indigence, insufficiency, need (deprivation … Law dictionary
scarcity — (n.) c.1300, from O.N.Fr. escarceté (O.Fr. escharsete), from eschars (see SCARCE (Cf. scarce)) … Etymology dictionary
scarcity — [sker′sə tē] n. pl. scarcities [ME scarsite < NormFr escarseté] 1. the condition or quality of being scarce; inadequate supply; dearth 2. rarity; uncommonness … English World dictionary
scarcity — noun ADJECTIVE ▪ great ▪ growing, increasing ▪ relative ▪ artificial ▪ food, land … Collocations dictionary
Scarcity — Scarceness Scarce ness, Scarcity Scar ci*ty, n. The quality or condition of being scarce; smallness of quantity in proportion to the wants or demands; deficiency; lack of plenty; short supply; penury; as, a scarcity of grain; a great scarcity of… … The Collaborative International Dictionary of English
scarcity — scarce scarce [skeəs ǁ skers] adjective if something is scarce, there is not enough of it available: • Here, land is a scarce resource and house prices have risen sharply. • Jobs are scarce. scarcity noun [singular, uncountable] : • the present… … Financial and business terms
scarcity — n. 1) to cause a scarcity 2) a severe scarcity * * * [ skeəsɪtɪ] a severe scarcity to cause a scarcity … Combinatory dictionary
scarcity — scar|ci|ty [ˈskeəsıti US ˈsker ] n [singular] a situation in which there is not enough of something scarcity of ▪ the scarcity of employment opportunities … Dictionary of contemporary English
scarcity — [[t]ske͟ə(r)sɪti[/t]] scarcities N VAR If there is a scarcity of something, there is not enough of it for the people who need it or want it. [FORMAL] ...an ever increasing scarcity of water. Syn: shortage … English dictionary