Scarce Resources Economics. It is considered to be a basic economic problem. Scarce resources are used to produce scarce goods.
Scarcity is the foundation of the essential problem of economics. Economics is the study of the allocation of scarce resources. The allocation of limited means to fulfill unlimited wants and needs.
Scarce resources are used to produce scarce goods.
An insufficient supply of water is an example of scarcity. At any moment in time there is a finite amount of resources available. The allocation of limited means to fulfill unlimited wants and needs. The resources that we value time money labor tools land and raw materials exist in limited supply.
