what is scarcity means?

Question

refer to the resources are insuffient to sstisfy all wants and needs.

Answer 1

Scarcity refers to a lack, as opposed sufficient, meaning enough, and abundance, meaning more than enough. As you already indicated, it often is used in reference to resources. Similar words would be paucity, or dearth, all indicating an insufficiency.

Answer 2

In economics, scarcity is defined as a condition of limited resources, where society does not have sufficient resources to produce enough to fulfill subjective wants. Alternatively, scarcity implies that not all of society's goals can be attained at the same time, so that trade-offs are made of one good against others are made. Neoclassical economics, the dominant school of economics today, defines its field as involving scarcity: following Lionel Robbins' definition, economics is a science which studies human behavior as a relationship between ends and scarce means which have alternative uses.

Answer 3

scarcity means there is a finite (i.e. limited) amount of stuff in the world, epically time, and economics is trying to maximize happiness with the limited amount of resources in the world

for example, you have $12, how will you spend it? the $12 is a scarce resource because it is finite. do you want to spend it on something? save it(invest it)? if you buy something will 12 sodas maximize utility or will 6 sodas maximize your happiness.
or take another example: there is 24 hours before a test. you can either A) study B)party C)sleep. how much hours will you put into each to make yourself happy? the 24 hours is a scare resource because it is finite. and trying to satisfy your wants/needs depends on how the individual allocates the resource.

Answer 4

a scarcity means there is very little of something.
like an insufficient amount.

Answer 5

not enough/little of/not enough/running out

Answer 6

Good job!!, you answer your own question.