What does the term scarcity mean as it relates to economics?

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asked Nov 11, 2021 144k views

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Alan Jenshen · Answer 1 · 2021-11-16T12:20:25+0000

Scarcity means that there are not enough resources to satisfy the wants and desires of people. That is the basic economic problem:
Scarce resources and limitless wants

What does the term scarcity mean as it relates to economics?

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