Scarcity — Social Studies definition
Limited resources relative to their possible uses.
Where it is taught
- Scarcity, Opportunity Cost & Decisions at the Margin — Economic Foundations & Market Decisions, Government, Civic Participation & Economics, Grade 12
In use
Scarcity means resources are limited relative to possible uses.
Scarcity, Opportunity Cost & Decisions at the Margin
Questions using scarcity
Problem 1
Why does scarcity remain relevant when no purchase price is charged?
Answer and explanation
Limited time, materials, capacity, or other resources still have competing uses. A zero money price does not remove the alternative forgone or establish unlimited availability. Identify the scarce resource and feasible alternatives.