SCARCITY

WHAT IS SCARCITY?

• Limited quantities of resources to meet unlimited wants

One person might want to buy hundreds of shoes or phones. No one can have an endless supply of everything. The limit is sooner or later reached.

Scarcity is something that is not only hard to find but there is more demand and less supply.

SCARCE RESOURCES- THESE ARE USED TO TRY AND SOLVE SCARCITY IN ECONOMICS

• Land
• Labor
• Capital
• Entrepreneurship

Natural resources, like oil, is a good example of scarcity.

Economics is about solving the problem of scarcity.