What is meant by the term 'scarcity' in economics?

BREAKING DOWN 'Scarcity'. In his 1932 Essay on the Nature and Significance of Economic Science, British economist Lionel Robbins defined the discipline in terms of scarcity: Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. read more

Concepts of Scarcity Scarcity refers to the condition of insufficiency where the human beings are incapable to fulfill their wants in sufficient manner. In other words, it is a situation of fewer resources in comparison to unlimited human wants. read more

Start studying Economics - Chapter 1 Scarcity. Learn vocabulary, terms, and more with flashcards, games, and other study tools. read more

Definition of scarcity: Ever-present situation in all markets whereby either less goods are available than the demand for them, or only too little money is available to their potential buyers for making the purchase. read more