Scarcity in Economics means that

Scarcity in economics means that resources are limited relative to wants. This means that there are not enough resources available to satisfy all the unlimited human wants and needs. Since resources such as land, labor, capital, and entrepreneurship are scarce, choices must be made regarding how to allocate these resources efficiently to produce the goods and services that will best satisfy the most urgent wants and needs. This necessitates making trade-offs and prioritizing wants and needs, which is the fundamental problem of economics.