Concept No matter how much technology improves, there seems to never be enough resources to fulfill all human wants.
By Joseph Kiprop. The scarcity of some necessary commodities such as food and water in some areas can be catastrophic for a population.
Should the government raise taxes, and if so, on what and for whom? Will it print money? Scarcity triggers competition in the real world.
Where should the money come from?
It is the fundamental economic problem of having what appears to be limitless human wants in a world with limited resources.
The fact that someone is using something doesn't unable anyone else to use it. Etymology of scarce and scarcity Etymology is the study of the origin of words and how their meanings have changed. Definition and meaning Scarcity or paucity in economics refers to limitation — limited supplies, components, raw materials, and goods — in an environment with unlimited human wants.
The term scarcity refers to the possible existence of conflict over the possession of a finite good. Drought and hunger continue to cause death in some regions of the world.
Scarcity is one of the economic assumptions that economists make.