Scarcity is the central problem of economics. Can you explain?

"Scarcity is the central economic problem in all societies, irrespective of the type of economic system. ... One of the main reasons of something becoming scarce is that it is humans have wants and needs that exceed in reality to what can be obtained. ... In between both of those what is known as a mixed economy. read more

"Scarcity is the central economic problem in all societies, irrespective of the type of economic system." Discuss. Scarcity is the inability to satisfy all wants of due to a lack in resources or supply, where human want exceeds the output this can lead to something becoming scarce. read more

Scarcity, or limited resources, is one of the most basic economic problems we face. We run into scarcity because while resources are limited, we are a society with unlimited wants. Therefore, we have to choose. read more