Scarce Resources Meaning. The allocation of limited means to fulfill unlimited wants and needs. Insufficient to satisfy the need or demand.
Insufficient to satisfy the need or demand. It is one of the fundamental ideas in the study of economics. Scarce resources are also called factors of production.
Oil and natural gas are also growing increasingly scarce.
The allocation of limited means to fulfill unlimited wants and needs. Meat and butter were scarce during the war. Like the more general society wide condition of scarcity a given resource is scarce because it has a limited availability in combination with a greater potentially unlimited productive use. Scarce goods are also termed economic goods.
