The word scarce is defined as not enough. It means hard to find. If something is deficient in quantity or in number or in short supply when compared to the demand for that commodity, it is said to be a scarce commodity. In simple terms, the word scarce means barely or by a small margin.
Scarcity is a central concept in the subject matter of economics. In fact, in the field of neoclassical economics, which is the school of economic thought which is prevalent in the modern times, the word scarcity is defined as the field which involves scarcity.
It follows the definition given by the noted economist Lionel Robbins. He stated that scarcity is the study of the allocation of scarce commodities among competing ends. The word scarcity, therefore, is defined as not having sufficient resources to produce enough in order to be able to fulfil the subjective wants of the entire population of a country, which are unlimited.
Scarcity is a central concept in the subject matter of economics. In fact, in the field of neoclassical economics, which is the school of economic thought which is prevalent in the modern times, the word scarcity is defined as the field which involves scarcity.
It follows the definition given by the noted economist Lionel Robbins. He stated that scarcity is the study of the allocation of scarce commodities among competing ends. The word scarcity, therefore, is defined as not having sufficient resources to produce enough in order to be able to fulfil the subjective wants of the entire population of a country, which are unlimited.
