Scarcity in economics means

In economics, scarcity means that the resources available to produce goods and services are limited while the demand for these goods and services is unlimited. This means that the supply of goods and services is limited, and this limited supply cannot meet the unlimited wants of individuals. As a result, scarcity forces individuals, businesses, and governments to make choices about what to produce and how to allocate resources. Therefore, scarcity implies that we must choose between alternative uses of our limited resources.