What are some examples of scarcity?

Scarcity is having fewer resources than needed to fill human wants and needs. See some examples of scarcity to understand the concept. read more

1. The 1970s energy crisis (1970s energy crisis - Wikipedia) - The major oil producing countries of the world, who had reached their peak of oil production in the late 60s, faced a serious shortage of petroleum. read more

Examples of Scarcity By YourDictionary Scarcity is fewer resources than are needed to fill human wants and needs. These resources can be resources that come from the land, labor resources or capital resources. Scarcity is considered a basic economic problem. read more

Like for example: I have $15, but I want 3 things that cost $15 dollars each, if I choose to buy the cd, I would have to sacrifice the other options, and couldn't satisfy all my wants. therefore, i'm forced to make a choice because of scarcity. read more