Scarcity

Economics.

Scarcity refers to a resource (such as natural gas) which is limited in supply and from which demand must be satisfied.

The term is a relative one, as - ultimately - all resources are limited in supply.

For decision making purposes, scarcity often refers to the resource which is most scarce in the situation under review.

See also

• Limiting factor
• Production possibility curves
• Scarce resource
• Scarce resource analysis