Scarce Resources Economics. To an extent however resource scarcity is contextually subjective. Resources scarcity causes goods and services scarcity.
Scarce resources are also called factors of production. Oil and natural gas are also growing increasingly scarce. Scarcity is the state of unavailability of certain goods in a society.
An insufficient supply of water is an example of scarcity.
In wealthier places in which people can afford to pay premium prices for resources that may not be in plentiful supply the shortage is not likely to be felt as severely as in economically deprived locations. The entire field of economics is based on the idea of scarcity. There are simply never enough resources to meet all our needs and desires. Scarce resources are used to produce scarce goods.
