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Scarcity
Definition: According to economists, Scarcity is the one central problem faced by all individuals and societies. It is the excess of human wants over what can actually be produced.
Additional Info: Economists recognise that scarcity is felt in differing degrees depending on social and geographical factors. For example, a starving child is unlikely to worry about not being able to afford a luxury car and a lawyer earning a six figure salary will probably not worry about having enough to eat. However the point is that human nature desires more than it can have and this will have an effect on behaviour. This behaviour then manifests itself in consumption and production. Related Terms: Production - Consumption
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