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    I don't study Economics at A-level and was thinking about using this term for my personal statement. Is it something to do with an infinite need from an economy which has limited resources? Thanks
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    lack of resources, not enough to meet the human needs and wants


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    Yes it's when demand outstrips supply. So there is not enough of a good for everyone who wants it.
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    http://lmgtfy.com/?q=What+is+economic+scarcity%3F

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    (Original post by akbar0123)
    Yes it's when demand outstrips supply. So there is not enough of a good for everyone who wants it.
    (Original post by ksj.11)
    lack of resources, not enough to meet the human needs and wantsPosted from TSR Mobile
    So could I refer to on how, for example, a rich country cannot cater for the poor due to economic scarcity?
 
 
 
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