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Eco Economics

EconomicsNEB 2081

What is scarcity ?

1

Answer

· Based on the official syllabus and past papers
Updated

Scarcity refers to the fundamental economic problem where human wants are unlimited, but the resources available to satisfy those wants are limited. This means that no society has enough resources to produce all the goods and services that people desire.

Scarcity arises because:

  • Human wants are insatiable – People always want more, whether it be food, clothing, education, or leisure.
  • Resources are limited – Land, labor, capital, and entrepreneurship are finite in supply.
  • Choices must be made – Due to scarcity, individuals, businesses, and governments must make trade-offs, allocating limited resources to their most valued uses.

Scarcity forces people to make economic decisions, prioritize needs, and face opportunity costs when choosing between alternatives. It is the core reason why economics exists as a discipline.

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