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Scarcity is key concept in economics. Essentially humans have unlimited wants (demand) that cannot be met due to limited resources (supply) 

scarcity refers to the condition of insufficiency where the human beings are incapable to full fill their wants in sufficient manner. In other words, it is a situation of fewer resources in comparison to unlimited human wants. Human wants are unlimited. we may satisfy some of our wants but soon new wants arise. It is impossible to produce goods and services so as to satisfy all wants of people. Thus scarcity explains the relationship between limited resources and unlimited wants and the problem there in.  

Hi Wanjira

The idea around scarcity is that there are x amount of needs and wants in the economy from consumers, but only limited resources. Scarcity is the concept that there are unlimited needs and wants and an insufficient amount of resources to fulfill these. Hope this helps :)

 An individual capacity to buy all or some of the commodities as per the available resources with that individual

scarcity refers to lack of desired quantity of something. The scarcity in economics rise due to the fact that the humans have unlimited desires but only limited resources. This results in a decision to be made on how should the resources be allocated between various possible alternatives. The branch of economics helps answers the question of effectively allocating scarce resources for meeting the unending human demands. It helps answers the questions of what to produce, how to produce and for whom to produce. 

Scarcity in economics means that there are unlimiyed human need and limited resources 

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