Explain the meaning of scarcity in detail

         What is the meaning of scarcity

Meaning of scarcity

Scarcity may be defines in various ways,But meaning of scarcity can not be changed.It is because meaning of scarcity is universal.

Scarcity refers to the limitation of supply in relation to demand for a commodity.It refers to the situation,when wants exceed the available resources.As a request,goods are not readily available and society does not have enough resources to satisfy all the wants of its people.Scarcity is universal, every individual, organisation and economy faces scarcity of resources.