Resource Scarcity

Definition - What does Resource Scarcity mean?

Resource scarcity is the lack of availability of supplies required to maintain life, or a certain quality of life. It is one of the fundamental ideas in the study of economics.

Scarcity is a perpetual problem for economic theory, which often assumes that humans have unlimited wants but must find ways to fulfill these wants using scarce resources.

Safeopedia explains Resource Scarcity

Resource scarcity can be exacerbated by climate change, deforestation, and other forms of environmental damage. Pollution, for instance, can turn something that was formerly plentiful, like clean drinking water, into a scarce resource. Likewise, deforestation is often considered a short-sighted approach to forestry management that could result in lumber become a scarce resource.

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