What is scarce definition?

Scarce means something that is limited in availability or cannot be easily obtained. The term is used to describe goods or resources that are in short supply or have a limited quantity. Scarce assets or resources may be available only to a select few, which can make them valuable and high in demand. In economics, scarcity is a fundamental concept that describes the imbalance between unlimited wants and finite resources. The scarcity of resources such as water, food, oil, and other natural resources is a global concern that requires careful management and conservation. In summary, scarce definition refers to something that is rare, limited, and difficult to obtain, either due to its availability or high demand.