Economic Scarcity is a fundamental part of business and economics. It is the principle that individuals cannot obtain enough goods and services to satisfy their unlimited wants and needs due to limited resources. When demand for a good or service exceeds the availability, the result is economic scarcity. This forces people to make choices about how they will use those available resources to meet their goals and priorities. In short, economic scarcity means that we have to make decisions about how best to use limited resources to meet our needs.