SCARCITY: THE NEED TO CHOOSE Scarcity is the fundamental economic problem of having seemingly unlimited human wantsin a world of limited resources. It states that society has insufficientproductive re

SCARCITY: THE NEED TO CHOOSE Scarcity is the fundamental economic problem of having seemingly unlimited human wantsin a world of limited resources. It states that society has insufficientproductive re

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Scarcity is the fundamental economic problem of having seemingly unlimited human wants
in a world of limited resources. It states that society has insufficient
productive resources to fulfill all human wants and needs. A common
misconception on scarcity is that an item has to be important for it to be
scarce. However, this is not true, for something to be scarce, it has to be
hard to obtain, hard to create,