Scarcity implies that society or the economy lacks sufficient resources to meet all demands.
'Economics,' according to Lionel Robbins, is "the science that studies human behavior as a relationship between ends and scarce means that have alternative uses." Thus, studying 'Economics aids in the allocation of scarce resources. Simply put, money and time are two of the most scarce resources.
Scarcity is a fundamental economic concept. It denotes that the demand for a good or service exceeds the availability of the good or service. As a result, scarcity can limit the options available to consumers, who ultimately comprise the economy.
Scarcity can be caused by a number of different factors, but there are four main ones. Potential scarcity causes include poor resource distribution, personal perspective on resources, rapid increase in demand, and rapid decrease in supply.
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