The term scarcity has been established from the fact that wants of human are unlimited and they can never be fulfilled as the resources available are limited. It assist people in making the choices under the conditions which the scarcity imposes.
Scarcity is considered to be the major economic issue that arises from the fact that resources are available in limited amount that is they are definite. This in turn is due to other established fact that the demands of society for the resources in infinite that is demand never ends up. It is therefore a gap between the wants or desire for resources and availability of resources. The problem of scarcity is solved in the economics by using the principle of placing higher prices on all the scare product as the demands is lessened due to higher price and for which the alternatives are developed. This rise in price is associated with the fact that there would be limited supply of the product or supply would be falling when scare goods are available.
The term scarcity has great significance in economics as it helps in explaining the failure of some markets and concept of the demand and supply. The scarcity can be dealt with by implementation of quotas on what is bought by the people. The manner in which the resources are to be used must be understood at every level and at every society. The term scarcity assist the subject economics in explaining how the decisions should be taken by business, families, individuals, societies by identifying the fact that there would never be enough or sufficient resources to address all their desires and needs. Therefore, from the above discussion, ut is inferred that the term scarcity holds a great degree of significance in economics.
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