Answer to Question #72924 in Economics for Peter

Question

How is scarcity a major problem to economics

Answer 1

Scarcity refers to a gap between limited resource and theoretically limitless wants. The notion of scarcity is that there is never enough (of something) to satisfy all conceivable human wants, even at advanced states of human technology. Scarcity involves making a sacrifice — giving something up, or making a tradeoff — in order to obtain more of the scarce resource that is wanted.
Source:
https://en.m.wikipedia.org/wiki/Scarcity