Resources are scarce when they are insufficient to satisfy people’s wants. Scarcity relates to the extent of people’s wants to their ability to satisfy those wants. People’s wants or ability are not constant.

When a certain living standard is reached, people strive for a higher level. Scarcity is a feature of all societies from the poorest to the richest.

Welcome back to Kaizenlog.com, you may want to subscribe to my RSS feed , Twitter You can contact us by using the contact form or submitting a comment. You can also share this post with your friends by clicking on the 'ShareThis' button above. Thanks for visiting!