Scarcity in Economics means that resources

In economics, scarcity means that resources needed to satisfy human wants are limited. This means that there are not enough resources to produce all the goods and services that people want to consume. Since resources such as land, labor, and capital are limited, it is impossible to produce an infinite amount of goods and services. Scarcity is a fundamental concept in economics because it drives many economic decisions. Since resources are limited, producers and consumers must make choices about how to allocate these resources in the most efficient way possible. This means that some wants and needs may go unmet, as there simply aren't enough resources to produce everything that people want.