Scarcity

Tax Glossary Definition

Scarcity

Scarcity describes the core challenge in economics, where available resources are insufficient to meet all human desires and requirements. Because resources like land, water, capital, and labor are limited, individuals and societies must make decisions about how best to allocate them among competing uses. The idea also extends to non-material resources, such as time, skills, and information.

Example: When a nation possesses only a small quantity of oil, it must decide whether to use the resource to meet domestic energy needs or export it to earn revenue, illustrating the economic trade-offs caused by scarcity.

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