Scarcity in economics signifies the imbalance between human desires and resource availability, necessitating choices and trade-offs to allocate resources efficiently.
Scarcity is the condition where human wants for goods and services surpass the available supply due to limited resources. While supply is constrained by the availability of resources like land, labor, and capital, demand is essentially insatiable. Decisions on resource allocation must be made as a result of scarcity, leading to choices and trade-offs.
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